Time For Action To Protect Borrowers - Cable
12.00.00am GMT Wed 25th Feb 2004
Commenting on this morning's GDP figures Dr Vincent Cable, Liberal Democrat Shadow Chancellor, said: "Strong growth continues to be fuelled by a house price bubble and unsustainable consumer debt."
"The Chancellor is relying on consumer debt to fuel growth, while investment and manufacturing remain sluggish."
"It is time the Government took action to protect ordinary borrowers against irresponsible lending."
ENDS
Notes to editors:
1. This morning's GDP figures show that in 2003 overall growth was 2.3% despite a small fall (0.1%) in manufacturing output.
2. The revision upwards in GDP figures for 2003 has come partly from increased estimates of exports of services, partly from increased estimates of 'expenditure on restaurants and hotels, housing and recreation and culture'.
3. Increased Gross Fixed Capital Formation partly reflects the housing boom with investment in dwellings and other structures increasing in 2003. There were falls in 2003 in investment in transport equipment and plant and machinery.
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