South Suffolk MP Tim Yeo
Veteran Tory says PM should borrow to invest
Joseph Watts, Political editor
Thursday, November 22, 2012
11:54 AM
As David Cameron fights for less spending in Brussels, a veteran Conservative MP from Suffolk is urging him to invest more in infrastructure back in the UK...and to not be afraid of borrowing to do it.
South Suffolk MP Tim Yeo told me that where a clear economic benefit could be outlined for a particular capital investment project, upgrading a road or rail line for example, then ministers should not balk at the idea of increasing borrowing to fund it.
He said: “If borrowing is for long term infrastructure assets it should be considered, providing a direct economic benefit can be demonstrated.
“I do not approve of borrowing due to a failure to cut current spending quickly enough. But where the economic benefit is evident borrowing is acceptable.”
Mr Yeo held several front bench positions in the Tory party including the shadow trade and industry job between 2002 and 2003.
His words come as the prime minister looks for ways to boost growth in the British economy; earlier this week he announced a relaxation of the system of judicial review which allows members of the public to challenge big planning decisions.
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3 comments
Priapic poser.
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Mad Brewer
Friday, November 23, 2012
borrowing to invest is a good idea . Borrowing to waste is what is happening at the moment . As for the argument about the EU budget and rebate . The rebate is only 2.9 billion , about 7 days borrowing at the current rate of 400 million a day
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milecross
Thursday, November 22, 2012
Indeed, well said, lets forget about the puny employment we get from Sizewell C and build a wash barrier and lock system, safeguard the Orwell estuary and generate more electricity. lest build the first ever airship port to Europe at Coltishall and get the GY outer port re-designed and made fit for a fast ferry service, a national campaign to save energy, more apprenticeships in all these projects and and. My tel. no is available from the EDP, ring us Mr Yeo.
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ingo wagenknecht
Thursday, November 22, 2012