Latest Public Sector News

05.10.11

Cameron to urge householders to pay off debts

Prime Minister David Cameron is expected to tell the Conservative Party Conference that the debt crisis has been caused by individuals borrowing too much – debts which must now be paid off.

The keynote speech will take place in Manchester today, and discuss the problems with the economy.

According to early reports, Cameron will say: “People understand that when the economy goes into recession, times get tough. But normally after a while things pick up. Strong growth returns, people get back into work. This time, it's not like that. And people want to know why the good times are so long in coming.

“The answer is straightforward, but uncomfortable. This was no normal recession. We're in a debt crisis. It was caused by too much borrowing by individuals, businesses, banks and most of all governments.

“The only way out of a debt crisis is to deal with your debts. That means households - all of us – paying off the credit card and store card bills. It means banks getting their books in order.”

He is set to show optimism for the future, and believes that this crisis can be solved, saying: “If we correct the mistakes and take on the vested interests of the past, I know we can turn this ship around. Slowly, but surely, we're laying the foundations for a better future. But this is the crucial point: it will only work if we stick with it.”

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