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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/clegg-defends-plans-for-growth.jpg"><img class="alignnone size-full" title="Deputy PM Nick Clegg has defended the coaltion government's economic growth plans" src="http://londonglossy.com/wp-content/uploads/2011/02/min-clegg-defends-plans-for-growth.jpg" alt="Deputy PM Nick Clegg has defended the coaltion government's economic growth plans"/></a></p>
<p>Nick Clegg has warned there is no one &#8220;lever&#8221; that the Government can pull to generate economic growth.</p>
<p>The Deputy Prime Minister said ministers could not simply &#8220;churn out initiative after initiative&#8221; in a desperate attempt to stimulate the economy.</p>
<p>He said it was essential to stick to the Government&#8217;s plans to tackle the deficit if it was to build a base for sustainable growth.</p>
<p>In a speech on Friday in Rotherham, South Yorkshire, he said he would not apologise for the delay in publishing the Government&#8217;s promised growth strategy until the Budget, saying it was being treated with &#8220;the utmost seriousness&#8221;.</p>
<p>The coalition, he said, had inherited a &#8220;failed economic model&#8221; from Labour and the country needed to &#8220;wean ourselves off debt-financed growth&#8221;.</p>
<p>&#8220;It is very tempting in a time of economic difficulty for governments to churn out initiative after initiative, in a desperate attempt to stimulate the economy or &#8211; all too often &#8211; to try and give the appearance of doing so,&#8221; he said.</p>
<p>&#8220;And politicians can fall prey to the myth that somewhere there is a lever they can pull to generate growth, and that they should simply pull as many as possible in the hope of finding it.</p>
<p>&#8220;We have learned &#8211; the hard way &#8211; that an economy built on debt is built on sand. Right now, we are going through the sometimes painful process of unwinding a toxic legacy of personal, business and public debt. We should not fall into the trap of seeing deficit reduction and economic growth as separable. Our deficit reduction plan is a vital element in our growth plan.</p>
<p>&#8220;By keeping the UK out of the danger zone, and holding down the cost of borrowing, our approach is creating a stable macroeconomic platform for growth.&#8221;</p>
<p>Mr Clegg said that he also believed there was a &#8220;moral dimension&#8221; to tackling the deficit to ensure that future generations were not saddled with the debts of their parents. &#8220;This strikes me as little short of intergenerational theft. It is the equivalent of loading up our credit card with debt and then expecting our kids to pay it off,&#8221; he said.</p>
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