Getting Britain's economy back on track

When a ship is sinking, we must send out the lifeboats, not argue about who steered the ship into the iceberg. At Prime Minister's Question Time yesterday (http://news.bbc.co.uk/1/hi/uk_politics/7659180.stm), I pledged my support for the moves being taken by the Government. Vince Cable and I have been clear that we must do whatever is necessary to halt the downward spiral of the British economy.

But the Government must do more. It must use the leverage it currently has over banks to end unacceptable bonuses for senior executives, ensure that home repossessions are only ever an absolute last resort, and cut some slack for struggling small businesses before calling in their loans.

Now is also the time for tax loopholes to be closed for the very wealthy and the money saved to be used to cut taxes for low and middle income earners. Hard-pressed families and individuals need more of their own money back now more than ever as they are worrying about their savings and facing mounting bills.

We are fortunate to have a great deal of economic expertise in our party with Chris Huhne, David Laws and Susan Kramer working closely with myself and Vince Cable on the challenges that face us. Over the coming weeks and months it will continue to be our party that is leading the debate with the ideas and solutions to put Britain's economy on the right track.