- Friday, 30 October 2009The Liberal Democrat Shadow Chancellor Vince Cable has highlighted peoples' personal debts as one of the reasons for the UK's inability to recover from the recession.
Commenting on the recent news that the US is now officially out of recession, he pointed the finger at the prime minister and said that the banking sector, the housing market and personal debt had gone unchecked for too long.
He said: "The UK is now one of the last major developed countries still in recession.
"We are now paying the price for a massive over-reliance on the banking sector and a bubble in housing and personal debt which went unchecked by the Prime Minister for years."
Mr Cable went on to say that the US had escaped the recession as a result of "positive action" by the Obama government, and said that the UK was in "stark contrast" to this.
The UK is currently in its longest recession ever.
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