Commenting on economics figures released today by the IMF and ONS former Business Secretary and Leader of the Liberal Democrats Vince Cable said:
“If the monthly figures from the ONS are sustained, then it tells us that Britain is already on the brink of recession.”
On the International Monetary Fund’s Financial Stability Report Vince said:
“This analysis is a timely reminder that the long-term damage caused by the financial crisis won’t go away. We’re still struggling with heavy national debt, so there’s little room for manoeuvre if Brexit happens and pushes us into recession.
“A major failing by successive governments has been to not use the country’s assets, such as North Sea Oil, to create a Sovereign Wealth Fund. This is why we have proposed creating a £100bn fund over 10 years, funded out of changes to certain taxes and receipts of asset sales, such as RBS shares.”