EVEN the other parties admit that there was only one politician who predicted our economic meltdown. Vince Cable, the Liberal Democrat Shadow Chancellor warned Gordon Brown of the impending disaster over five years ago.

Over 25 years, Thatcher, Major, Blair and Brown governments allowed manufacturing industries to dwindle and instead placed Britain’s future in the hands of a new breed of traders in the City of London – people so utterly greedy they jeopardised the global economy for personal profit. The economic crisis was global, but Britain’s position was unique because (a) we manage everybody else’s debt in our globalised banks, (b) we rely on the financial sector for far too much of our national income and (c) the banks have encouraged us all to borrow way beyond our means and people are carrying massive personal debt. Britain has become so dependent on the banks we simply had to bail them out.

So what do we do now?

We could take the brutal Tory route and rush to pay off the debt, sacrificing thousands of businesses and millions of jobs and causing the misery and social disruption that we in Wyre Forest witnessed when they made the same mistake in the 1980s. Maybe we could tinker around the edges, too timid to take on the bankers who caused us so much grief, as Labour is doing.

Alternatively, we could stop thinking that there are only two parties that can govern and take the Liberal Democrat route – running the economy for the British people, not just the few. Vince Cable was the first to suggest that we split up the high street and investment banks, getting credit flowing to small businesses and letting the City spivs risk their money not ours. The Liberal Democrats would invest in house-building, infrastructure, education and green technology to create real jobs and get Britain working again.

We would block billions of pounds in tax loopholes and use it to cancel income tax on the first £10,000 you earn – putting money back into circulation.

Most importantly, we would end the political myth that people can’t face difficult truths. We will tell it straight; cuts are going to be necessary across the board to get to grips with this massive debt.

The cuts will hurt all of us, but the Liberal Democrats will make sure they affect those least who need our help most.