Time For Gordon Brown To Do His Job
12.36.00pm BST (GMT +0100) Thu 6th May 2004
Commenting on the decision by the Bank of England to raise interest rates by 0.25%, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "People want to know that their homes are secure in uncertain times. This rate rise is going to cost an average first time buyer £250 extra a year on their mortgage. If interest rates continue to rise or house prices fall many could find themselves in difficulty.
"The Bank of England only has one blunt and rather inadequate instrument to deal with the conflicting problems of a consumer boom and an industrial and manufacturing decline.
"It is time for Gordon Brown to do his job. The Chancellor must now set out a clear strategy to curb the consumer boom while at the same time helping British businesses - especially the flagging manufacturing sector.
"Gordon Brown must urgently address the failures that have allowed banks to lend irresponsibly and fuel unsustainable levels of debt. He must also find ways to help businesses survive a period of likely higher interest rates as the Bank of England attempts to control runaway consumer spending and house prices."
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