Economy Becoming a Major Headache For Brown
5.01.51pm BST (GMT +0100) Wed 23rd Jul 2003
|
David Laws MP, Liberal Democrat Shadow Chief Secretary to the Treasury
|
Commenting on the publication of the minutes of the Monetary Policy Committee today, showing an 8-1 vote in favour of a rate cut, David Laws MP, Liberal Democrat Shadow Chief Secretary to the Treasury, said:
"The majority of MPC members are worried about an economic slowdown. This can no longer be passed off as simply being a global problem. It is a British problem as well."
"There is a serious concern that the UK economy has only been growing on the back of buoyant consumer spending and higher household debt."
"The UK economy now has a major headache, and Gordon Brown's optimistic forecasts are no cure."
ENDS
Notes to editors
1. Today's vote was 8-1 in favour of a cut, compared to 6-3 last month - meaning that five MPC members changed their minds over the month.
2. Todays' minutes noted that 'a particular cause of concern for some members was that the rate of growth of secured and unsecured borrowing was unsustainably high' and that UK GDP growth for Q1 had been revised down and for Q2 'might also be slightly weaker than expected in May'.
[Print this story]
[Previous story]: Effective Enforcement Key to Consumer Protection (Tue 22nd Jul 2003).
[Next story]: Tax Credit Blunder Accident Waiting To Happen (Wed 23rd Jul 2003).
[Other news stories from July 2003 (40)]
Related News Stories:
Fri 26th Mar 2004:
[Brown Complacent On Economy Says Cable]
Printed and hosted by Prater Raines Partners, 16 Riviera Court, Sandgate High Street, Folkestone CT20 3RP.
Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB.
The views expressed are those of the party, not of the service provider.
|