We are in the teeth of the longest recession on record. It happened because Labour, and the Conservatives before them, built a precarious economy that was too dependent on the City of London, soaring house prices and rocketing personal debt. Liberal Democrats want to create a thriving, fair and balanced economy with jobs that last in every part of the country, and in every sector, and where the environment is protected. First and foremost we will get the banks lending again so businesses can grow and avoid job cuts. We will set up Local Enterprise Funds and Regional Stock Exchanges to help businesses grow outside London and will stop burdening businesses with unnecessary regulations.

Get the banks lending responsibly again – Thousands of businesses can’t get credit on fair terms, so they’re having to cut investment and jobs. That’s hugely unfair when we own some of the banks and are propping up the rest of them. There are taxpayers’ representatives on the boards of the banks we own or part-own. They should insist banks lend to viable businesses again immediately.

Local Enterprise Funds and Regional Stock Exchanges to help businesses grow – Local Enterprise Funds will help local people invest in growing businesses in every area of the country. And Regional Stock Exchanges will be a route for smaller businesses to access equity without the huge risks and costs of a London listing.

Cut regulation and create a fair playing field for business – We will properly assess the cost and effectiveness of regulations before and after they are introduced, reforming Impact Assessments. We will operate a ‘one in one out’ system so that for every rule introduced, another one is scrapped. And we will change the culture of regulators to help, not hinder, business.

Give the Post Office and Royal Mail long term futures – We will separate the Post Office from Royal Mail, retaining the Post Office in public ownership. To secure the future of the Post Office we will focus on developing new sources of revenue including a Post Bank. We will divide ownership of Royal Mail between a John Lewis style employee trust, incentivising staff as part owners of the business, and the government with the remaining 49% minority sold to create funds for investment.

A fair deal for consumers – We will introduce a Universal Service Code to secure high quality customer service in the private and public sectors, for example, by requiring that the customer service phone number is free from mobiles and landlines. We will ensure a fair balance between small and large retailers by establishing a local competition office within the OFT and by introducing a local competition test for all planning applications for new retail developments.

Fair trade – Rich countries still operate subsidies and tariff barriers that hit the poorest countries in the world. We will seek to break down these barriers, and promote trade and investment in developing countries. Dumping of subsidised agricultural exports by developed countries wrecks local farming in Africa and other parts of the world. This scandal must stop.