Liberal Democrat annual conference: Nick Clegg keynote speech

Liberal Democrat annual conference: Nick Clegg keynote speech; Nick Clegg MP annual conference speech continued SOT (The challenge) - The biggest challenge for the next government will be sorting out the public finances. Its a challenge neither exhausted Labour nor fake Conservatives are fit to take on. This year's deficit is likely to be one of the highest in Europe. We will borrow 175 billion pounds this year alone - 5,550 pounds every single second. Total national debt could hit 1.2 trillion pounds next year - 20,000 pounds for every man, woman and child. CUTAWAY Vince Cable listening - I'll be straight with you. There is no easy solution. There isnt a serious economist in the world who agrees with the Conservatives that, right in the grip of recession, with two and a half million unemployed, we should pull the rug out from under the economy with immediate spending cuts. But, once the economy recovers, we are going to have to control spending tightly for many years to come.We were right, in years gone by, to campaign for new spending to help people, to support them, as children, as young adults, as parents and as pensioners. As Charles Kennedy rightly says: our commitments demonstrate generosity of spirit. And those manifestos were right for an age of plenty. Now something different is needed. But let me make something very clear. I am not going to abandon our vision for a better Britain because moneys tight. It makes me more determined. Balancing the government books isnt a maths test- if it was Vince Cable would beat George Osborne and Alastair Darling with his hands tied behind his back (applause) - Fiscal discipline is not an end in itself. We offer discipline for a purpose. Not just austerity, but progressive austerity. Reducing the deficit, yes, but also building a fair society and a green economy. Still driven by generosity of spirit, but fit for the circumstances of the day. It's the only way to deliver real change in Britain. Thats why o...