'Now cut red tape' appeal to PM

PUBLISHED: 07:27 22 October 2008 | UPDATED: 22:30 15 June 2010

A PARLIAMENTARY spokesman and financial expert has welcomed the UK bank rescue package, but says we now need to go even further to avert depression.

A PARLIAMENTARY spokesman and financial expert has welcomed the UK bank rescue package, but says we now need to go even further to avert depression.Dr Jon Underwood, of Tiverton and Honiton Liberal Democrats, who lives in Axmouth, said the country now needed to slash interest rates, taxes and bureaucracy to survive recession.He said: "It is good to see in these dark times the major political parties are co-operating to make sure the economy isn't ruined for all of us. This is clearly now the worst crisis since the great depression and exceptional times warrant exceptional measures."Having spent 13 years trading on behalf of a number of major financial firms, Mr Underwood has intimate knowledge of the financial system and the world economy.He felt the deal struck the right balance between punishing the failure of bankers and protecting ordinary savers, pensioners and businesses - but that further measures were needed to avoid depression.He said: "We must slash interest rates now to keep businesses and individuals from going bankrupt in the panic. "And we must cut lower rate taxes to encourage people to work wherever possible. In the long term this will be the best way to rebuild the public finances."Finally, the tide of bureaucracy, however well-intentioned, is a luxury we cannot afford at this time of crisis. "This is one way to protect small business, which won't cost any money. I think the government should now commit to scrap two regulations for every one it introduces."Whatever happens now, we are going to have to change the way we live and the way our country is run. The era of debt and leverage is over."n A CAPTAIN of industry was among those to call the Herald and ask for more information about the world financial crisis following a previous interview with Dr Underwood. The Herald inadvertently cut off a quote from Dr Underwood mid-sentence and would like to apologise for that. We hope this week's story makes up for the error.


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