Liberal Democrats in Business

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Retail Sales Figures Fuelling Consumer Debt - Cable

1.33.38pm GMT Fri 23rd Jan 2004

Commenting on this morning's retail sales and GDP figures, showing strong growth in retail sales, Vince Cable MP, 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 exports 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 a 1% growth in services compared very low (unquantified) growth in manufacturing.

2. This morning's retail sales figures show retail sales volumes up year on year by 4%.

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