Tag Archives: susan kramer

Inflation sign of Brexit squeeze – Lib Dems

Inflation has gone up to 2.7% today.

This confirms long-held Liberal Democrat warnings about the impact of Brexit, with businesses struggling to contain rising costs and consumer demand being squeezed.

Susan Kramer said:

These worrying levels of inflation show the Brexit squeeze is hitting shopping baskets across the country.

This is the reality of Theresa May and Nigel Farage’s extreme Brexit agenda: higher prices in the shops, the cost of holidays going up and less money for our schools and NHS.

A brighter future is possible. We will give people a choice over their future through a referendum, so they can reject a bad Brexit deal and choose to remain in Europe.

Willie Rennie underlined this point:

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#LibDemFightback campaigners busy on the streets this weekend

There are some fantastic, smiling action photos coming out from Lib Dem campaigners this weekend!

Victor Chamberlain has been out twice, campaigning for Simon Hughes with colleagues at the Elephant and Castle:


…and at Borough and Bankside:

Tim Farron visited Leeds – and Leeds Young Liberals captured their excitement at the leader’s arrival:

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Susan Kramer: Brexit squeeze is hitting families with higher food prices

Liberal Democrat Shadow Chancellor, Susan Kramer, has reacted to news from the Office for National Statistics that food prices saw the biggest increase for three years in the year to March:

The Brexit squeeze of a falling pound and rising import costs is hitting families across Britain, with higher prices in the shops denting incomes and leaving us all poorer.

This is deeply worrying news for our economy, which has been propped up by consumer spending.

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Lib Dems: Inflation rise hits the poorest

Senior Liberal Democrats have been commenting on the inflation rise today. I have to say that although  0.5% in a month is a lot, it feels like so much more. The prices of so much of my supermarket shop seems to have gone up by a lot more.

In Scorland, our Economy spokesperson Carolyn Caddick said:

Rising inflation shows that the British public are paying the price for Theresa May’s decision to take Britain out of the Single Market. With the pound falling in value by 18% since the referendum, the price of imports have shot up and broken the official target. Every Scot going on holiday abroad is seeing that their pounds do not buy what they used to.

Worst of all, the dramatic leap in food prices is hitting the poorest the most.

The fragile UK economy has been kept on life support by consumer spending, but with prices rising, that is now threatened. If Theresa May should change course immediately, and recognise that you can’t have a hard Brexit and affordable prices.

Our Shadow Chancellor Susan Kramer also blamed Brexit, saying that “You can’t have a hard brexit and affordable prices.”

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Lib Dem Lords vs the Article 50 Bill: Susan Kramer: Brexit’s impact on financial services could ruin jobs and economy

The Lib Dem Lords have made some cracking contributions to the debate on the Article 50 Bill. Ahead of its next Lords stages, we’re bringing you all the Lib Dem contributions over the course of this weekend. That’s no mean feat. There were 32 of them and cover more than 30,000 words. You are not expected to read every single one of them as they appear. Nobody’s going to be testing you or anything. However, they will be there to refer to in the future. 

Our Lords excelled themselves. Their contributions were thoughtful, individual, well-researched and wide-ranging and it’s right that we present them in full on this site to help the historian of the future. 

Treasury spokesperson Susan Kramer concentrated her remarks on the financial services industry and the impact of its decisions on our economy and the current £75 billion we take in tax from it.

My Lords, the noble Lord, Lord Lamont, said that he is very sympathetic to EU nationals in this country. However, he is perfectly happy for them to be used as a bargaining chip. Frankly, I do not think that is consistent with the view of this House or with British values.

Given the pressure of time, I will focus on the importance of giving people a second vote—that is, not a second vote on the original deal but a second vote that is a first vote on the final terms of exit from the European Union. I concur with those who have said that the June referendum gave the Government a mandate for Brexit but did not give them a mandate to choose the most extreme form of economic separation from the EU. It has been Theresa May’s choice and that of her Ministers to opt for a hard Brexit, leaving both the single market and the customs union.

I want to look at the impact of that decision by the May Government on just one sector of our economy—the financial services sector. This sector makes up 7% of the UK’s GDP, pays more than £75 billion a year to the Treasury and provides over 2 million jobs, most of them outside London. It is one of the few industries in which we are a global leader, clearing over 95% of the world’s $600 trillion a day in interest rate swaps, leading not just in traditional areas such as foreign exchange and specialist insurance, but also at the cutting edge of fintech. We damage financial services at our peril.

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Susan Kramer says that Government must unfreeze benefits

Back in July, I told a panel on social security at the Social Liberal Forum conference that in the wake of Brexit, a benefits freeze for four years, which was never a good idea, was entirely inappropriate and we should be opposing it loudly.

Analysis from the Institute of Fiscal Studies confirms that Brexit is going to hit those on benefits and low incomes particularly hard:

Normally many of those on the lowest incomes would be at least partially protected from the impact of higher prices by the rules that govern the annual uprating of benefits and tax credits. By default, benefit and tax credit rates are (with some exceptions, most notably the state pension) increased each April in line with the annual CPI inflation rate of the previous September – higher prices lead to higher benefit rates (albeit with a lag). However, in the July 2015 Budget the Government announced that, as part of its attempt to cut annual social security spending by £12 billion, most working-age benefit and tax credit rates would be frozen in cash terms until March 2020. This policy represented a significant takeaway from a large number of working age households. But it also represented a shifting of risk from the Government to benefit recipients. Previously, higher inflation was a risk to the public finances, increasing cash spending on benefits. Now the risk is borne by low-income households: unless policy changes higher inflation will reduce their real incomes.

I am glad to see that our shadow Chancellor, Susan Kramer, has now said that the Government must reverse its unfair benefits freeze plans:

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LibLink: Susan Kramer warns about the economic dangers of a reckless exit from the EU

In a letter published in the Financial Times, our economic spokesperson, Baroness Susan Kramer argues that it would be “economic vandalism” for the government to fail to financial services sector during the Brexit process:

The financial services industry generates over £65bn in taxes each year, over one-tenth of total government revenue. The loss of full access to the single market in financial services would not just hurt those in the banking industry. It would mean schools, hospitals and services across the country going without funding. We all want to rebalance our economy to be less reliant on financial services, but failing to support this vital sector during Brexit would be an act of economic vandalism.

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Recent Comments

  • User AvatarDave Orbison 25th Jun - 3:45am
    Michael BG - "they [Labour] have a policy a policy of freezing benefits even if Corbyn has had trouble remembering that'. But isn't this the...
  • User AvatarPaul Pettinger 25th Jun - 2:56am
    @Keith Sharp - the UK's economic position in 2010 was nothing like that of Greece's. The coalition also failed to close the deficit more quickly,...
  • User AvatarMichael BG 25th Jun - 2:08am
    @ David Allen “What would you say to a Lib Dem coalition with Labour? I think it was a mistake to rule out a coalition...
  • User AvatarMichael BG 25th Jun - 1:49am
    @ Neil Mackinnon “If Brexit goes ahead these income inequalities are only going to get worse and be further inbeded. Brexit is going to make...
  • User AvatarTim Hill 25th Jun - 12:34am
    Wonderful stuff
  • User AvatarDavid Allen 25th Jun - 12:33am
    To the Coalition enthusiasts on this thread - What would you say to a Lib Dem coalition with Labour? Would it be (a) yes, having...
Sat 1st Jul 2017