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There's No Risk Free Way to Grow Economy: Clegg

Thursday 7th March 2013

Nick Clegg insists there is no risk free way to increase investment and grow the economy.

David Cameron is expected to use a speech today to say he will hold firm on the Government's economic plans.

That is despite the Business Secretary Vince Cable appearing to call for more borrowing to fund increased spending.

In a magazine article Vince Cable appears to suggest it is time for the Government to look at a plan B and that capital spending, funded by borrowing, may be needed to kick-start growth.

During his weekly phone in on LBC 97.3 the Deputy Prime Minster denied it shows a rift, instead saying it proves the coalition is considering all the options.

"If you do decide to say 'to hell with it, lets borrow 40 billion pounds... 20 billion pounds... huge amounts of money' the risk or course, and I know Vince acknowledges this, is that you unwittingly make it more difficult for everyone else as interest rates might go up."

During his speech in West Yorkshire the Prime Minister is expected to commit to the way the Government is tackling the economy.

"My motives for sticking to the plan are exactly about doing the right thing to help families and business up and down the country," his speech reads.

He will argue that those who "falter" would plunge the United Kingdom "back into the abyss" just at a time when there are positive signs of recovery.