Showing posts with label Lib Dems. Show all posts
Showing posts with label Lib Dems. Show all posts

April 29, 2017

Brexit Could Trigger Worse Crash Than 2008, Says Vince Cable


THE GUARDIAN: Liberal Democrat former business secretary launches election bid with warning of dire consequences of leaving EU without a good deal

Quitting the EU could could trigger an economic crisis even greater than the 2008 financial crash, former business secretary Vince Cable has said. Cable predicted that job losses, inflation and falling consumer confidence could send the UK economy into a recession even harsher than the credit crunch if Theresa May presses ahead with a hard Brexit.

The Liberal Democrat made the comments as he launched his bid to reclaim his old seat of Twickenham in June’s general election. He has vowed to battle to keep Britain in the single market and the customs union if reelected. » | Tess de la Mere | Saturday, April 29, 2017

January 09, 2011

Terry Murden: Bank Bonuses Are Back as Politicians Roll Over

THE SCOTSMAN: NO-ONE should be surprised that the banks are expected to defy public opinion and once again pay multi-million pound bonuses.

Difficulties in controlling the bonus culture have been made plain by the frustrations felt by politicians across the spectrum and were highlighted here as far back as August 2009 after the then shadow chancellor George Osborne demanded that bonuses should be banned altogether in banks that had been bailed out by the taxpayer.

Well, he's moved a long way from that particular argument and now doesn't even see eye-to-eye with the bite-your-legs business secretary Vince Cable, who has found himself muzzled over the issue.

The bankers believe the Lib Dems who have been making most of the noise on this issue are now a bit of a spent force in the debate and that the slightly more banker-friendly tone emanating from Osborne and Prime Minister David Cameron will leave them free to award themselves the sums they see as their right.

The banks argue that they contributed towards the £53.4 billion paid in taxes last year by the financial services industry, equal to 11.2 per cent of Britain's total tax receipts. No wonder the Treasury should consider it inappropriate to bite the hand that feeds it.

Before Christmas there were more threats of a new bonus tax, an idea revisited by Deputy Prime Minister Nick Clegg, and warnings from Cable that the banks would be punished if they didn't change their ways. But opinion in the City is that there is not much substance behind them.

The bankers are now said to feel so confident of getting away with paying large bonuses that they see no further need for Project Merlin, the initiative led by Barclays former chief executive John Varley to repair relations with the government. Expect the next round of bonuses to be trimmed, but only marginally, and as an acknowledgement of, rather than a concession to, public outrage. >>> Terry Murden | Sunday, January 09, 2011

THE SUNDAY TIMES: Lib Dems tear into Tories on bonuses: Ministers are furious at George Osborne’s apparent cave-in over unacceptable bank bonuses in a time of austerity >>> Marie Woolf, Whitehall Editor | Sunday, January 09, 2011 (£)

THE OBSERVER: Britain's best-paid bank boss set for showdown with MPs over huge bonus: Barclays chief Bob Diamond is under intense pressure to lead by example and give up payout >>> The Observer | Sunday, January 09, 2011

September 18, 2010

Nick Clegg: 'The Lib Dems Have No Future on the Left'

THE TELEGRAPH: Nick Clegg has said that there is no future for the Liberal Democrats as a left wing party.

The Deputy Prime Minister said he sympathised with voters who had turned to his party as an alternative to Labour and were unhappy that they had formed a coalition with the Conservatives.

But he risked alienating key supporters by dismissing those who see the Lib Dems as “a sort of left-wing conscience of the Labour Party”.

"There were some people, particularly around the height of the Iraq war, who gave up on the Labour Party and turned to the Liberal Democrats,” he said.

"I totally understand that some of these people are not happy with what the Lib Dems are doing in coalition with the Conservatives. The Lib Dems never were and aren't a receptacle for left wing dissatisfaction with the Labour Party. There is no future for that; there never was," he told the Independent. >>> Heidi Blake | Saturday, September 18, 2010

Nick Clegg: There Is No Future for Us as Left-wing Rivals to Labour

THE INDEPENDENT: As the Liberal Democrats' conference begins, their leader gives his party an uncompromising message

Nick Clegg has declared that there is "no future" for the Liberal Democrats as a left-wing alternative to Labour as he appealed to his party to show "patience" and maintain a united front with the Conservatives.

In an interview with The Independent on the eve of Liberal Democrat conference starting today, he promised his party it would reap the electoral rewards if it held its nerve about its slump in the opinion polls. >>> Andrew Grice, Political Editor | Saturday, September 18, 2010

May 16, 2010

David Cameron Declares War On Public Sector Pay

THE TELEGRAPH: David Cameron has vowed to crack down on "crazy" bonuses paid to civil servants as the new Government seeks to reduce the costs of the bloated public sector.

Out of control hand-outs, which this year will be paid to three-quarters of senior civil servants, are to be restricted to high performers.

Under the terms of Whitehall contracts signed by Labour ministers at the height of the recession, bonus payments can not be cancelled by the incoming Government.

In future, however, windfalls across the public sector will be restricted to employees who have performed “exceptionally well,” with only the top 25 per cent eligible for the payments. >>> Rosa Prince, Political Correspondent | Sunday, May 16, 2010
Labour Hid ‘Scorched Earth’ Debts

THE SUNDAY TIMES: Labour ‘left poison pills’ for Cameron’s government

THE government last night accused Labour of pursuing a “scorched earth policy” before the general election, leaving behind billions of pounds of previously hidden spending commitments.

The newly discovered Whitehall “black holes” could force even more severe public spending cuts, or higher tax rises, ministers fear.

Vince Cable, the business secretary, said: “I fear that a lot of bad news about the public finances has been hidden and stored up for the new government. The skeletons are starting to fall out of the cupboard.”

The new cabinet has been discovering previously unknown contracts and uncosted spending commitments left by their spendthrift predecessors. >>> Marie Woolf and Jonathan Oliver | Sunday, May 16, 2010

May 11, 2010

UK Credit Rating Set for Downgrade Under Lib-Lab Deal, City Analysts Warn

THE GUARDIAN: Lab-Lib government the least liked option by markets and would almost guarantee a downgrade of UK debt – BNP Paribas

Britain would most likely suffer an expensive and potentially damaging downgrade to its debt rating if the Liberal Democrats form a coalition with Labour, City analysts warned today amid ongoing uncertainty about the creation of a new government.

As the Institute of Directors called on political parties to focus on the economy rather than the need for electoral reform, analysts at BNP Paribas reckoned that a "Lab-Lib government is the least liked option by markets and would almost guarantee a downgrade of the UK sovereign [debt]".

The top-notch AAA debt rating that the UK currently holds ensures that the country achieves the most competitive rates when raising money on the financial markets. If the rating is cut then the country would be forced to pay more to borrow money - although it has a long way to fall before reaching the junk status assigned to Greece, the recipient of a €110bn (£94bn) bailout package from the International Monetary Fund and eurozone countries. >>> Jill Treanor | Tuesday, May 11, 2010

May 02, 2010

Nick Clegg Is the Candidate of Change

THE OBSERVER – Editorial: The Liberal Democrats offer a prospect of renewal which has been denied them by a grossly unfair voting system

The rotten parliament is dissolved; this week a new one will be elected. Scores of incumbents who fiddled their expenses will be evicted. Many who did not are standing down anyway, too defeated by the public's loathing of politicians to face the campaign trail.

So change is inevitable. Parliament will be full of novice MPs. It might also, if current opinion polls are borne out, be hung.

The Conservatives have spent much energy campaigning against that outcome. They have publicised their irritation that voters could deprive David Cameron of a majority much better than they have explained why he deserves one in the first place.

Mr Cameron warns portentously that a coalition might lead to instability, economic jeopardy and "more of the old politics". Perversely, he also rejects the need to change the current voting system, which has, he says, the merit of delivering clear results. Except this time it might not. What then? Mr Cameron's view is that the system would work fine, if only everyone voted Conservative. This is sophistry draped in hypocrisy. He backs first past the post, while agitating against one of the outcomes that is hard-wired into it. He is campaigning against the voters instead of pitching for their support. He defines change in politics as the old system preserved – but run by the Tories.

The expenses scandal signalled the need for more radical reform. This newspaper has consistently argued that the most effective change would be to introduce a fairer voting system. The current model contains a huge bias towards Labour and the Conservatives, giving them hundreds of safe seats where MPs can complacently ignore voters. Parties then divert money and skew policy towards a handful of tactically important constituencies. Awarding seats in parliament in proportion to votes cast would extend the franchise to millions of people who feel their voices have gone unheard. Deep unfairness radiates out of our voting system and corrupts our politics. This can only be fixed with electoral reform.

If a different system yields more coalition governments, so be it. Mr Cameron ought to appreciate how like coalitions the current political parties already are. Conservative policy expresses the party's agonies in recent years as different factions have competed to graft their priorities on to the leader's mutating creed. >>> Observer Editorial | Saturday, May 01, 2010

The Only Choice for Britain

THE SUNDAY TELEGRAPH – Editorial: The country needs a Conservative government with a strong majority in order to tackle the enormous challenges it faces, says The Sunday Telegraph

The general election this week offers the country the most significant choice for a generation. Ever since the financial crisis began, it has been clear that Britain faces enormous challenges over the next few years. The new government must stabilise the economy, reinvigorate the private sector and deal with a burden of debt and over-spending that could cripple the public finances. Yet the challenges are not just economic. As our poll today shows, voters are also worried about the consequences of immigration on an unprecedented scale, the state of their schools and hospitals, the weakening of civic society, our military involvement in Afghanistan, and the increasing tide of regulation from Brussels. Such problems demand a strong and vigorous government to tackle them. The question is, which of the parties is best suited to such a task?

Despite the parties' attempts to capture the all-important middle ground, the differences between them are clear. Labour believes that only the state can solve the country's economic and social problems. The Conservatives, by contrast, believe that the growth of the central state is the cause of the problem, not its solution, and want to call upon the invigorating power of citizens and communities. The Liberal Democrats seem to hover uneasily between those two positions: one of the difficulties that Nick Clegg has faced has been to explain exactly where he stands on the critical question of whether we need more or less government intervention in the economy and in our lives.

If you examine the Government's record, there is no doubt that the top-down, target-driven, statist approach has reached a dead end. Since 1997, Labour has added more than a million people to the payroll. Spending has increased by 3.2 per cent per annum, in real terms. Gordon Brown now talks of Tory efficiency savings as irresponsible cuts which will "shrink" or "take money out of" the economy. As David Cameron has rightly pointed out, this is to confuse the economy with the state. Usually, people are better at spending their own money than are officials: it is a basic conservative principle that they should retain as much of it as possible. This also helps stimulate the economy, which is why one of the most convincing Tory victories of the campaign has been their opposition – alongside much of the business community – to the tax on jobs represented by Labour's planned rises in National Insurance.

In defending this position, Mr Cameron has frequently pointed out that there is an enormous amount of waste in government spending that could be cut instead. He is absolutely correct. But efficiency savings, on their own, will not be anything like enough to deal with our abysmal fiscal situation. Mr Brown's reputation for prudence, for making the right decisions on economic issues, has been destroyed by his profligate spending. As a result of the shocking state of our public finances, we face a bleaker economic future than other, similar nations. >>> Sunday Telegraph View | Saturday, May 01, 2010

Related: More endorsements

September 17, 2008

Lib Dems ‘Headed for Government’

Watch BBC video: Clegg outlines his party's economic plans >>>

BBC: Nick Clegg has said the Lib Dems are on the way to power in his first conference speech as party leader.

"I can't tell you every step on the road... but I can tell you where we're headed - government," he said in a rallying cry in Bournemouth.

He said they were the only party with "big, bold ideas" for the country.

He also hailed his new tax package and mounted a strong attack on rival parties, branding New Labour "finished" and the Tories "arrogant".

The 38-minute speech was warmly received by delegates who gave him a four minute standing ovation.

Much of it was devoted to explaining his new tax-cutting strategy, which the party conference backed this week despite opposition from some grassroots members.

Social justice

He distanced himself from what he said was the Conservative idea of tax cuts, telling delegates: "The very wealthy, the super-rich - should be paying more not less. Lib Dems ‘Headed for Government’ >>> | Septermber 17, 2008

BBC:
Nick Clegg’s Speech in Full >>>

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>