Lib Dem leader Nick Clegg MP

This morning, Liberal Democrat Deputy Prime Minister Nick Clegg gave a speech at Mansion House on the economy.

Read the full speech here:

Another week, another speech about the evils of capitalism. Let me start by asking: who here is in favour of irresponsible capitalism? Because you won’t find many people arguing for more recklessness, more short-termism or greater rewards at the top. On the contrary – the growing consensus is that we need the opposite: a more sustainable economy; a more balanced economy, where rewards are proportionate and relate to real success.

That consensus, emerging among the political parties, has attracted a little cynicism.
I can understand that. It is, after all, bonus season in our banks. But there is a more generous interpretation of the shifting political mood. One that says: perhaps the penny has finally dropped.

Liberal Democrats have been arguing for a more balanced capitalism for many years. Vince Cable warned in 2006 that bank lending levels were “recklessly irresponsible” at a time that “bad debts were growing.” We saw the gulf emerging in our economy between a small number of winners and everyone else. And we warned against the corrosive effects. So we welcome the new political vogue – although it is not so new for us. And we want to seize on growing support for so-called ‘responsible capitalism’ and actually deliver it.

To do that, as this debate moves forward, we need to be clear about what we mean.
Because, whether you call it a new economy, an ethical economy, moral markets, responsible capitalism, there is a big difference between having strong views on bonus culture or excessive top pay and wanting real change in the practices and principles that guide corporate life. A bit of wrist slapping or moralising at the worst offenders will not be enough. This should not be a war of words but a real contest of ideas about how to reform our economy.

So this morning I want to offer a liberal diagnosis of what’s wrong; and then a liberal remedy. Continue reading →

Tim Farron

Responding to Ed Balls’ speech on the economy, Liberal Democrat Party President, Tim Farron said:

“After nearly two years of opposing every saving the Coalition Government has made at least Ed Balls has finally admitted there is a deficit problem.

“However, he still refuses to take any responsibility for Labour’s 13 years in power where they failed to balance the books and get to grips with reckless behaviour in the City, even when he was City Minister.

“Liberal Democrats in the Coalition Government are doing the right thing, taking the difficult decisions to protect Britain from the same fate as some euro zone countries while at the same time pursuing progressive policies such as reducing taxes for the lowest earners, making sure pensioners get a fair deal and providing a fair start for every child through the pupil premium.

“Ed Balls’ admission is better late than never, but he and Labour still owe Britain an apology for 13 years of poor government and 18 months of lies in opposition.”

Welcoming the Government’s announcement of changes to the planned increase in the state pension age for women, Jenny Willott MP today said: “I welcome today’s announcement that shows the Government has listened to the concerns of thousands of women and capped the maximum increase that women will see. This will protect half a million people, including hundreds of thousands of women who would have been worst affected by the change.

“Liberal Democrats had made clear to the Government that the proposal to raise the age of the state pension was unfair on many women and we were joined by campaigners in urging a rethink.  With life expectancy set to increase, the Government’s aim is a simple, decent state pension which is easy to understand, efficient to deliver and affordable.”

Jenny is Co-Chair of the Liberal Democrat Parliamentary Party Committee on Work and Pensions.

Simon Hughes MP

Responding to today’s [Thursday] Office for Fair Access (OFFA) report, Liberal Democrat Deputy Leader and the Government’s Advocate for Access to Education, Simon Hughes, said the body must be given the power to punish universities that fail to offer places to enough students from disadvantaged backgrounds.

Simon Hughes said, “This is further confirmation of how many English universities are failing to advance social mobility. This report confirms why the new Government has been right to make widening access to higher education a priority for this parliament. The spotlight is now well and truly on our top academic institutions and from now on they will have nowhere to hide.

“In my report to the Prime Minister in July, I made clear that the powers of OFFA should be strengthened in the higher education bill that will be coming soon. OFFA must be given the power to use sanctions against those institutions which do not deliver more places to young people from less privileged backgrounds. In every region of England, all universities should also co-ordinate outreach so that no secondary school or college student does not know the opportunities and benefits of going to university.

“Top universities must work much harder to increase their number of students from poor and disadvantaged backgrounds.

And in the next few weeks, everyone who is doing A-levels next year- whatever their background- should consider Cambridge and Oxford as well as every other university, and to rule nowhere out. “

Copies of the full access report can be found at http://www.cabinetoffice.gov.uk/resource-library/hughes-report