Brexit & EconomyPoliticsBudget 2010: Clegg labels Budget an ‘obituary’

Budget 2010: Clegg labels Budget an 'obituary'

Lib Dems leader criticises failure to tackle banks

Nick Clegg labelled the Budget an ‘obituary’ and a ‘giving-up Budget’.

He said its most shocking failure was its inability to tackle the banking
system. Clegg said the failure to get banks to guarantee their lending was the
‘absolute centrepiece’ of Labour’s financial mismanagement, and expressed
cynicism over the lending objectives for Lloyds and RBS (£90bn in total).

He also argued that high street banking should have been split from
investment banking, to ensure that banks could never return to their old ways.

Clegg added that the Budget’s figures were built on unlikely growth figures
for next year, adhering to the view they would be around 2% rather than
Darling’s 3.25% projection.

Clegg lambasted projected cuts as ‘insubstantial waffle’, which lacked
detail. He said that in contrast the Liberal Democrats had clear plans for £15bn
cuts, which included rejecting plans for ID cards, and making Trident cutbacks.

He also criticised the chancellor’s silence on the issue of affordable
housing, though welcoming the reforms to stamp duty.

However the Conservatives also came under fire, with Clegg saying they
provided barely a ‘fig-leaf’ of detail to back up their claims. He alleged that
the two parties were the same, and that that neither was being straight with the
public.

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

3m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter