Debt fears remain due to ‘uncertain’ economy

People may still be facing debt concerns due to the recession as a politician has described the economy as being “still weak”.

Vince Cable, the Liberal Democrat shadow chancellor, was responding to the Bank of England’s latest quarterly bulletin and warned of future employment insecurity.

He said that there was still “worrying uncertainty” regarding the current job market due to the extent of the economic collapse.

The Bank’s statistics provide evidence that any cutbacks imposed by the government would result in increased unemployment, the MP added, stating that such measures would make “the deficit worse” and exacerbate the country’s problems.

He continued to say that economics, not “political dogma”, should provide the basis for the methods used to tackle the deficit.

Earlier in the month, Labour MP Helen Goodman, speaking from the Northern Money Conference 2010 at the Contemporary Urban Centre in Liverpool, said that the government will be taking measures to build a more financially responsible framework to prevent people from falling into debt.

By Joe Shervin