UK's Darling Confident That Economic Recovery Will Come
LONDON -(Dow Jones)- U.K. Chancellor of the Exchequer Alistair Darling said Sunday he is confident that the U.K. economy will recover.
Speaking to political commentator Andrew Marr on BBC television he said "I am confident that recovery will come."
He also said that despite continued criticism from the opposition over the U.K. Government's public spending plan, the Organization for Economic Cooperation and Development and the International Monetary Fund had both said the ruling Labour party was right to support the U.K. with spending.
Darling was also questioned over the Government's controversial Value Added Tax cut, but he said the tax would return to its full 17.5% - from the current discounted 15% - at the end of the year, as was planned at the time of the cut.
Darling also answered questions about bank lending. He said that while he was pleased mortgage lending seemed to be increasing, he is concerned over lending to small and medium-sized businesses.
"I am extremely concerned about banks lending to small and medium sized companies," Darling said. "It seems that while the cost of borrowing has gone down charges to smaller companies has gone up."
Darling added that he remains confident that the Labour Party will win a fifth straight election next year.
"I believe that we can win and we will win but we have to come out fighting," he said.
-By Ilona Billington, Dow Jones Newswires; +44 207 842 9452; ilona.billington@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=nbJvNxX%2F8KykEgYSVc9vIw%3D%3D. You can use this link on the day this article is published and the following day.
LONDON -(Dow Jones)- U.K. Chancellor of the Exchequer Alistair Darling said Sunday he is confident that the U.K. economy will recover.
Speaking to political commentator Andrew Marr on BBC television he said "I am confident that recovery will come."
He also said that despite continued criticism from the opposition over the U.K. Government's public spending plan, the Organization for Economic Cooperation and Development and the International Monetary Fund had both said the ruling Labour party was right to support the U.K. with spending.
Darling was also questioned over the Government's controversial Value Added Tax cut, but he said the tax would return to its full 17.5% - from the current discounted 15% - at the end of the year, as was planned at the time of the cut.
Darling also answered questions about bank lending. He said that while he was pleased mortgage lending seemed to be increasing, he is concerned over lending to small and medium-sized businesses.
"I am extremely concerned about banks lending to small and medium sized companies," Darling said. "It seems that while the cost of borrowing has gone down charges to smaller companies has gone up."
Darling added that he remains confident that the Labour Party will win a fifth straight election next year.
"I believe that we can win and we will win but we have to come out fighting," he said.
-By Ilona Billington, Dow Jones Newswires; +44 207 842 9452; ilona.billington@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=nbJvNxX%2F8KykEgYSVc9vIw%3D%3D. You can use this link on the day this article is published and the following day.
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