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Pound being put at risk - Cameron | |
(41 minutes later) | |
The government is putting the British economy and currency at risk with its £20bn "borrowing binge", Conservative leader David Cameron has told the BBC. | The government is putting the British economy and currency at risk with its £20bn "borrowing binge", Conservative leader David Cameron has told the BBC. |
Mr Cameron said it was a "massive mistake" to plan a short term giveaway only to "whack up taxes later". | Mr Cameron said it was a "massive mistake" to plan a short term giveaway only to "whack up taxes later". |
He said Gordon Brown's plans could make the recession worse and said he would abandon Labour's 2010 spending plans. | |
The prime minister says the Conservatives are isolated as most countries support a fiscal stimulus. | |
He has also accused Mr Cameron of leading a "do nothing" party which would not help people through the economic downturn. | |
The government announced a series of measures to try to boost confidence last month, including a cut in VAT from 17.5% to 15% to try to get people spending. | |
I think that Labour's borrowing binge is actually going to make the recovery more difficult and will delay it David CameronConservative leader | |
But the chancellor said VAT would go back up after a year and National Insurance contributions would have to rise by 0.5% from 2011. | |
Mr Cameron told the BBC: "Even though we're borrowing absolutely at the limit, to go out and borrow another £20bn and to have a short-term giveaway, and then to have to whack up taxes later - I think that is a massive mistake. " | |
In a speech to the London School of Economics later, Mr Cameron will step up his criticism of the government's "fiscal stimulus" plan to boost the economy. | |
He told BBC Radio 4's Today programme the government's plans would "load up taxes and load up debt for future generations". | |
And he warned: "I think that Labour's borrowing binge is actually going to make the recovery more difficult and will delay it." | |
He said the only way to stop it was to have an election to allow voters to decide on the "big choice" before them. | He said the only way to stop it was to have an election to allow voters to decide on the "big choice" before them. |