Labour made a "pact with the devil"
March 10, 2009 12:00 AM
The Party's Shadow Chancellor, Vince Cable, highlighted the failed economic policies of consecutive Labour and Conservative governments over the last two decades when he spoke at the Liberal Democrats' Spring Conference in Harrogate.
Vince accused Brown and Blair of making a "pact with the devil", turning "a blind eye to massive salaries and bumper bonuses, the large scale use of tax havens and tax dodging and dangerous high risk activities of some investment banks" in return for compliments, party donations and tax revenue.
Vince explained that it was these actions that had led to the crisis we are facing today. He suggested a new direction so "banks that have failed should be run in the public interest".
He attacked the pervasive bonus culture that has not only dominated the private sector, but has also taken over the public sector. He called for a fully transparent system "so the public sector fat cats have nowhere to hide".
He set out what he believes should be Britain's road to recovery out of the recession, with tax redistribution and a programme of carefully targeted public investment aimed at providing more social housing, environmental improvements to the housing stock and better public transport.
He said that Labour's domination of progressive politics had now come to an end. "Labour has lost its moral authority, and economic failure has killed the New Labour brand… In these difficult and uncertain times the Liberal Democrats under Nick Clegg's leadership have the ideals, the policies and the competence to meet the national need."
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