Nick Clegg has called for a cross-party Council of Financial Stability to agree the timetable and scale of deficit reduction.
Spaeking at the London Stock Exchange the Lib Dem leader said that
Government-as-usual will not, cannot, command the legitimacy to make the big decisions before us. The scale of the changes required is so great it will require a different way of taking decisions too.
He described the standard model of imposing cuts from on high as a recipe for Greek-style social and industrial strife.
The Council would include all the major parties, the Governor of the Bank of England, and the Head of the Financial Services Authority.
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