October 2008
Statement on the Economy by Ben Bradshaw MP
The world is experiencing a serious economic downturn and no nation will be left untouched. France, Spain, Germany, Ireland and Italy have already gone into recession.The combination of the global credit crunch and big increases in prices for fuel, food and other important commodities is having a serious impact.
Britain cannot be immune from this. The Government is working hard to ensure any recession is short and shallow and to minimise its impact on individuals and businesses.
The Prime Minister has the experience and expertise to steer Britain through this situation. He acted swiftly and decisively to prevent a complete collapse of the banking sector. Other countries have since followed his lead.
ln contrast, the Conservatives have been all over the place. They opposed our nationalisation of Northern Rock, the rescue of Bradford and Bingley and this year's banking Bill which enabled us to recapitalise the banks. The Shadow Chancellor George Osborne has defended "short selling" and said people making huge profits from the misery of others is a function of the market"!
The opposition claim that Labour 'did not fix the roof when the sun was shining'. What nonsense - when we look around Exeter, what do we see? Every secondary school has been rebuilt and headteachers have new money to raise standards - this, after 18 years of neglect under the Tories. Our local Hospital Is rated 'Excellent' and there is now a new Women's Health Centre, a new medical school, and a new dental school. Our council houses have been modernised and more affordable homes built. All this had been done while at the same time cutting our national debt.
We have also recently introduced an income tax cut, an Increase in the winter fuel payment, measures to protect vulnerable homeowners and new help for small and medium sized businesses.
Interest rates and inflation are low now, compared with the recessions of the 1980s and 1990s. Employment levels are high. So l am confident that we can get through this downturn.
The
Government's priority will be to minimise its impact and protect the
vulnerable
- reflecting Labour's commitment to fairness.
Ben Bradshaw
Member of Parliament for Exeter