‘Doom and gloom’ economy debate plods on
Nick Clegg and Ed Miliband have made strikingly similar speeches on the future for Britain’s economy.
The deputy prime minister told an audience in Rotherham that Britain faces a “long, hard road back to prosperity”.
Mr Miliband used a speech in Gateshead to address his concern that the ‘British promise’ – this country’s version of the ‘American dream’ – looks to have faded away in recent months.
Both came as the fallout continued from GDP figures showing Britain’s economy contracted by 0.5% in the final quarter of 2010 – before the VAT hike to 20% came into effect.
Mr Clegg called those figures “disappointing” but is set to shake off criticisms that the government is not doing enough to promote growth.
“We are determined to foster a new model of economic growth, and a new economy – one built on enterprise and investment, not unsustainable debt,” he said.
“We seek nothing less than a new model of sustainable growth.”
Specific measures outlining how this will take place are not forthcoming, however. A growth white paper had been planned for the new year but had to be shelved because of a lack of content.
Mr Miliband was similarly lacking in concrete proposals. He used his speech to explain that Labour’s approach will focus on sustaining the “British promise”.
“For the first time in generations there is now a real and legitimate fear that the British promise will be broken and the next generation will have fewer opportunities and find it harder to get on that the last,” he told his north-east audience.
“We have always been about a society where the promise of Britain can go beyond the most affluent – that lower and middle income families can guarantee a better future for the kids.
“So I am determined that this is the challenge which will be at the heart of the Labour party.”
