Clegg: Tough Budget needed to avoid Greek-style crisis

clock

Deputy Prime Minister Nick Clegg believes the coalition needs to deliver a "difficult" budget today to ensure the UK can avoid the scenarios seen in Greece and Spain.

The Liberal Democrat leader says Labour has left the UK with a mountain of debt, with interest equating to over £800m a week. Clegg says if the coalition does not take action now, the markets will force the Government into even more drastic measures. "The Labour party will say that these decisions are not justified. They will say the budget creates risks for our economy and that Liberal Democrats have sold out to go along with Conservative cuts. They are wrong," Clegg says. "Every time you hear Labour say that, ask them why they covered up the details of the £44bn of cuts they them...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England holds interest rates at 4.25%

Bank of England holds interest rates at 4.25%

Next MPC meeting in August

Sorin Dojan
clock 19 June 2025 • 3 min read
UK inflation dips to 3.4% in May but upside pressures persist

UK inflation dips to 3.4% in May but upside pressures persist

Services CPI still high

Sorin Dojan
clock 18 June 2025 • 2 min read
UK ups defence spending to 2.6% of GDP by 2027 as billions pledged

UK ups defence spending to 2.6% of GDP by 2027 as billions pledged

Chancellor delivered Spending Review

Sorin Dojan
clock 11 June 2025 • 4 min read