Osborne's benchmarks are motherhood and apple pie politics - Cable

Commenting on George Osborne's speech in which he set out eight benchmarks against which voters would be able to judge a Tory government's success on the economy, Liberal Democrat Shadow Chancellor Vince Cable said:

"As one Tory economic policy lies in tatters, George Osborne stumbles on to the next.

"This is the third time the Tories have changed their economic policy in as many weeks.

"George Osborne's latest announcement of eight benchmarks is motherhood and apple pie politics.

"We all want to see a stable, growing economy. The question is how we get there, and on this the Tories have no answers.

"The Liberal Democrats want to split up the banks so that taxpayers no longer have to underwrite reckless risk taking.

"We will create a fairer tax system with an income tax cut which will make work pay for those on low incomes.

"Through targeted cuts in spending we will be honest about how to reduce the deficit.

"And by setting up an infrastructure bank we will ensure that public infrastructure projects get the private funding they need to revolutionise our economy.

"That is how you usher in an economy that is fit for the challenges ahead."