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Budget Resolutions and Economic Situation

That is what my hon. Friends and I have argued for months and for years. We have said for a long time that the present economy has been unsustainable. We have overstretched ourselves and been irresponsible as a nation. We have been irresponsible economically, by spending more that we could afford. People, and bankers in particular, have been gambling with the nation's finances. We have also been irresponsible environmentally, using the resources of tomorrow rather than investing the resources of today. To pull ourselves back, we need targeted investment that is set out clearly, managed appropriately and held to account democratically. Often, that investment should be led locally, with local government involved in delivering the Warm Homes scheme. The regions of England and the devolved Administrations must be encouraged to develop renewable energy, and the like. We support that, and the manifesto that the House and the public will see in the next few weeks will set out that targeted investment. Our plans for taxation will be at the centre of our proposals, flanked on either side by plans for reducing the deficit and plans for targeted investment. Unlike the Conservatives, we are clear about tax changes. We would make tax simpler, and give help to the many and not the few. Unlike them, we are clear now that we would make spending cuts, to give help to the many and not the few. We would reduce pay increases for the well-off to help the pay of the less well-off. The people of Britain are waiting for the election, and desperately want it to happen soon. I think that they realise that the main party options across the whole of the UK give them three choices. They can have more of the same if the Labour Government are re-elected, even though the past 13 years have been only a wasted opportunity that has given us our worst ever deficit. They have a promise from the Conservatives of a completely different economic approach, although nothing has been revealed yet. From the Liberal Democrats, they have a realistic, pragmatic and costed programme that would deal with the deficit. It would do so with the consent of the public, yet continue to sustain investment where it is needed. We need productivity and growth in this country, but that growth must be sustainable and long term. We need that for the builders, not the bankers. It must be onshore, not offshore, and in the interests of the many and not the few. My colleagues and I will be putting that case to the British public in the weeks ahead.