Liberal Democrats in Business

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UK Economy Sustained By Consumer Debt

10.42.00am BST (GMT +0100) Fri 23rd Apr 2004

Commenting on today's GDP figures Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "The economy is being sustained by consumer spending built on record personal debt, precariously secured against unsustainably high house prices."

"Britain's twin problems of runaway consumer spending and weak manufacturing cannot be resolved by the Bank of England alone. It's time that the Chancellor took steps to bring the economy back into balance."

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[Previous news story]: Credit Card Charges Still Not Transparent Enough (Thu 22nd Apr 2004).
[Next news story]: Growing Remortgage Market: Lenders Must Act Responsibly (Fri 23rd Apr 2004).

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Tue 13th Nov 2007:

[Stagnating Housing Market and Rising Consumer Debt Causing Nightmare Situation - Cable]

Mon 8th Oct 2007:

[Huge Levels Of Consumer Debt Damaging Economy - Cable]

Thu 19th Feb 2004:

[Bank Profits Are At The Expense Of Consumer Debt - Cable]

Fri 23rd Jan 2004:

[Retail Sales Figures Fuelling Consumer Debt - Cable]

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[Consumer Debt: OFT should act not patronise]

Wed 9th Jul 2003:

[CONSUMER CREDIT: GOVERNMENT LETHARGY COSTING CONSUMER DEARLY]

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