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Darling: cuts have crashed the economy
ALISTAIR Darling, the former Labour chancellor, yesterday accused the government of “crashing the economy” by cutting public spending while businesses and individuals were also spending less.
He said: “There is no doubt that reducing public expenditure at a time when businesses and individuals stop spending does run the risk of crashing the economy, and that’s pretty much what’s happened.”
Darling added that the situation in the Eurozone was “very, very worrying” and that politicians needed “to sort out the banking system before another crisis”.
He said: “It’s going to take an absolute crisis to make Europe’s leaders act. That’s what happened four years ago. I’m afraid that’s what’s going to be needed in the future.”