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‘We’ve got to do more’ – Cameron on economy

The Prime Minister has stated that more must be done to help the British economy recover from its deepening double-dip recession, following the publication of new figures which showed a 0.7% contraction in the second quarter of 2012.

In an address at the Global Investment Conference today, Cameron will blame the crisis in the Eurozone for the economy’s struggles.

The comments come amidst fierce criticism of the Government’s austerity programme, and warnings from bond investors that the UK could lose its AAA credit rating.

Speaking on BBC Breakfast, Cameron said: “It takes time to recover. They are very disappointing figures and there’s no doubt about that. I think one of the things they show is the extent of damage that was done to the economy in the ‘boom-and-bust’ years.

“We were the ones with the most over-indebted banks, the most over-indebted households and we had the biggest budget deficit of virtually any country, anywhere in the world.

“It takes time to recover from that but we’ve got to do more. We’re going to roll up our sleeves and do everything possible to get business going inBritain, to get housing going, to get jobs going.”

Chancellor George Osborne has come under particular pressure, with Liberal Democrat peer Lord Oakeshott labelling him a “work-experience” chancellor and calling for business secretary Vince Cable to replace him.

Speaking on the BBC Radio 4 Today programme, Cable supported the chancellor and the plan for the economy.

He said: “I think it’s right and necessary that we have budget discipline – that’s the path we’ve embarked on and we must stick with that. But I think it is possible at the same time to have the foundations of a recovery which is sustained.”

Cable added that the problems were “very, very deep indeed”, and highlighted massive debt, the banking system, government deficits and difficulties in the export market as factors in this.

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Image c. World Economic Forum


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