Vince Cable

Following the news that the US is officially out of recession, Liberal Democrat Shadow Chancellor, Vince Cable said:

"The UK is now one of the last major developed countries still in recession.

"We are now paying the price for a massive over-reliance on the banking sector and a bubble in housing and personal debt which went unchecked by the Prime Minister for years.

"The recovery we are now seeing in the US is in a good part be down to the positive action the Obama administration has taken to support jobs and build up the country's infrastructure.

"The return to growth in the US is in stark contrast to the UK and is clear evidence that the billions poured into a meaningless VAT cut has failed."