Clegg urges cross-party deal on debt

LIBERAL Democrat leader Nick Clegg has called for a cross-party Council of Financial Stability to be set up to agree how to cut the UK's national debt.

Mr Clegg, MP for Sheffield Hallam, proposed the collaborative approach to making spending cuts and introducing tax rises after telling Yorkshire Post readers last week of the risk of Greek-style rioting and strikes if measures were forced through without widespread backing.

He said the new body should include the economic spokesmen of all the major parties alongside the Governor of the Bank of England and the head of the Financial Services Authority.

Speaking yesterday, he said: "Government-as-usual will not, cannot, command the legitimacy to make the big decisions before us."