Export figures are deeply alarming

12.42.00pm GMT Tue 9th Mar 2010

"It is wrong to suggest that the British economy can escape from this recession by just relying on exports. It just isn't happening' said the Liberal Democrat Shadow Chancellor

Commenting on the news that UK exports took their biggest plunge in more than three years during January, Vince Cable said:

"These are deeply alarming figures which suggest that British exporters simply haven't been able to take advantage of the big devaluation which occurred in the last year.

"They suggest that the long term decline and neglect of British manufacturing has taken its toll and that an awful lot more needs to be done to rebalance the economy to make it more competitive.

"It is wrong to suggest that the British economy can escape from this recession by just relying on exports. It just isn't happening.

"Exports are one modest part of the national economy. We need an economy that is strong and secure across the board - and the Liberal Democrats are committed to delivering that."