Britain’s return to recession was not made in Europe, it was made in Britain by the severe fiscal squeeze that the Chancellor launched nearly three years ago
Britain’s return to recession was not made in Europe, it was made in Britain by the severe fiscal squeeze that the Chancellor launched nearly three years ago
www.peterhain.uk
Mr Peter Hain (Neath) (Lab): Contrary to the Chancellor’s mantra, Britain’s return to recession was not made in Europe. It was made in Britain by the severe fiscal squeeze that the Chancellor launched nearly three years ago. Problems in the eurozone spell trouble for the UK economy—of course they do—but the Chancellor never mentions the fact that Britain has benefited from the recovery of the USA economy, which accounts for 20% of our trade, and is currently growing four times faster than the eurozone is slowing, because the USA took the route of economic stimulus and stuck to it. Britain set out on the same path under Labour after the banking crisis, and the economy began to pick up. However, the coalition veered off as soon as the Tories and Lib Dems took office, turning the road to recovery under Labour into the road to ruin.
Britain’s return to recession was not made in Europe, it was made in Britain by the severe fiscal squeeze that the Chancellor launched nearly three years ago
Britain’s return to recession was not made in…
Britain’s return to recession was not made in Europe, it was made in Britain by the severe fiscal squeeze that the Chancellor launched nearly three years ago
Mr Peter Hain (Neath) (Lab): Contrary to the Chancellor’s mantra, Britain’s return to recession was not made in Europe. It was made in Britain by the severe fiscal squeeze that the Chancellor launched nearly three years ago. Problems in the eurozone spell trouble for the UK economy—of course they do—but the Chancellor never mentions the fact that Britain has benefited from the recovery of the USA economy, which accounts for 20% of our trade, and is currently growing four times faster than the eurozone is slowing, because the USA took the route of economic stimulus and stuck to it. Britain set out on the same path under Labour after the banking crisis, and the economy began to pick up. However, the coalition veered off as soon as the Tories and Lib Dems took office, turning the road to recovery under Labour into the road to ruin.