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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Cable: Keynes would be on our side
January 28, 2011 12:22 PM
• [Jan 12] VINCE Cable argues that although everyone claims to be a Keynesian, the coalition's strategy of liberal austerity reflects the great man's ideas better than the heavy spending advocated by figures like Robert Skidelsky.
If anyone doubted it before, recent months have proved decisively that coalitions are quite consistent with radical policy change. What matters now for British politics is whether the coalition government's economic policies deliver a sustainable recovery . .
The serious debate for progressives should not centre on denying the need for discipline over public spending. If the British left follows Bob Crow and the National Union of Students to the promised land of the big spenders, it will enjoy short-term popularity at the expense of the coalition but it will also enter an intellectual and political blind alley. We need instead to reform the British state to create a banking system, incentives and institutions that will put safety first, not speculation, and will liberate new and sustainable investment. That is the challenge Keynes would have relished.
• Vince Cable: Keynes would be on our side [New Statesman Jan 12]
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