The leader of the opposition, David Cameron, has accused Labour of leaving the economy in an utter mess. The Conservative leader made this comment after Alistair Darling, the chancellor, had confirmed that the economy is expected to shrink by 3.5% over the next twelve months.
Mr Cameron criticized Labours economic record, describing it as “tarnished”. He went on to say that Britain was facing its worst recession in more than 50 years and that the UK’s public finances were now completely out of control. The Tory leader told members of parliament that the governments claim to economic competence was now dead, since it had presided over ten years of debt.
The attack on Labour came in the wake of gloomy economic predictions for the future, with unemployment likely to reach three million in the next year. Financial management experts confirmed that there has been an increase in the number of people in financial hardship, looking for ways to get out of debt. Record numbers of consumers are suffering with personal debt problems, unable to afford credit card debt and monthly loan repayments.
The bad news, for the UK, is that the situation is unlikely to improve anytime soon.
