Liberal Democrats in Business

News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum

Banks and Government Both To Blame For Debts Crisis - Cable

2.39.22pm BST (GMT +0100) Fri 13th Oct 2006

Responding to comments made by Trade and Industry Minister Jim Fitzpatrick that "maybe banks have been lending too much money or maybe they're not being as careful as they used to be", Liberal Democrat Shadow Chancellor, Vincent Cable MP said: "The Government's response to the debt crisis is to snipe at banks on individual areas of banking rather than taking a comprehensive look at banks' profitability.

"Instead of taking pop-shots at each other, both banks and Government must recognise that there is a common problem that each has helped to create.

"There is now a serious household debt crisis and it is high time the Government took the lead and got the major banks together to discuss how to deal with rising loan defaults and mortgage repossessions."

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Related News Stories:

Wed 2nd Aug 2006:

[BANKS TO BLAME FOR RISE IN BAD DEBTS - CABLE]

Tue 2nd Nov 2004:

[Banks Must Stop Fuelling The Borrowing Boom - Cable]

Thu 22nd Apr 2004:

[British Banks Urged To Control Rising Debt Levels - Cable]

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