LABOUR and the Liberal Democrats yesterday launched their own separate
programmes designed to restore the economy -- 72 hours before the
Government's Autumn Statement.
Labour demanded immediate interest rate cuts and an emergency jobs
programme. It served notice of outright war if -- as it fears -- welfare
benefits are the victims of Treasury economies.
Shadow Chancellor Gordon Brown said: ''One-off cosmetic initiatives
from the Chancellor on Thursday will be insufficient.
''The key is the immediate recovery programme accompanied by a
long-term strategy, particularly an industrial policy, for sustainable
growth.''
The main ingredients of Labour's campaign are:
* An immediate cut in interest rates timed to suit the needs of the
economy rather than the internal requirements of the Conservative Party.
* An emergency employment programme to ensure an end to mass
unemployment.
* A medium-term industrial strategy with new incentives for investment
in manufacturing industry.
* An end to public spending cuts which Labour believes would further
damage the prospects for recovery and bring more job losses.
Mr Brown said Labour's package would involve extra public spending but
he said this could be met by retaining the stamp duty on share
transactions and by imposing a one-off public dividend paid by the
''excess'' profits of the privatised utilities.
Later, Labour left-winger Dennis Skinner, apparently unimpressed,
issued what he described as a ''socialist alternative.'' This included a
restoration of exchange controls, introduction of import controls over a
wide range of goods, including coal, and a ''recouping'' of the #29
billion received in tax cuts by the 1% of Britain's richest people for
distribution to pensioners, the health service, education and housing.
Meanwhile, the Liberal Democrats called for #4 billion to be spent
immediately on vital projects, including:
* Nationwide track renewal for BR, making trains faster and delays
fewer.
* Improvements to the trunk road network.
0* More freedom for councils to spend on home renovation, tourist
development and school repairs.
Trade spokesman Malcolm Bruce said the projects could create at least
450,000 jobs and restore economic confidence.
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