Recession must trigger reform in Edinburgh South - Mackintosh

1.00.00pm GMT Wed 6th Jan 2010

Commenting on the news that after more than 18 months and over half a million job losses Britain is finally out of recession Mike Pringle, Liberal Democrat MSP for Edinburgh South said, "Statistically the recession might be over but that doesn't mean the pain of the damage it has caused and is still causing is going to go away.

"Hundreds of people across Edinburgh have lost their jobs and the Government is still in a record level of debt so the affects are going to be felt for a long time to come. Labours economic record is in tatters."

Fred Mackintosh, Liberal Democrat Westminster Spokesman for Edinburgh South added, "Now that Britain is finally emerging from recession, it is vitally important to remember how we got here.

"As Vince Cable, who predicted the recession before it began remarked yesterday "the face that Britain has been first in and virtually last out of the recession tells us a lot." We can no longer rely on the boom and bust cycle of the housing market and massive deregulated and unrestrained financial institutions to run our economy.

"This recession was a long time in coming, beginning with Tory era financial deregulation that saw the disastrous demutualisation of the building societies and perpetuated by Gordon's Brown misguided belief that he had abolished boom and bust.

"Sadly unless someone has the courage to address the underlying problems in the system through a greater emphasis on financial regulation, the introduction of a manageable plan to tackle the deficit and a commitment to breaking up the banks into more manageable institutions and a fairer tax system the mistakes of the past are likely to be repeated.

"The Liberal Democrats are the only major party committed to genuine and far reaching economic reform."