Tory policy on NICS is school boy economics - Cable

Commenting on George Osborne's plans to block some of next year's planned National Insurance tax rises, Liberal Democrat Shadow Chancellor, Vince Cable said:

"This is school boy economics.

"When you have a £70bn permanent hole in the Government's finances you simply can't propose cutting tax revenue unless you spell out exactly how you are going to pay for it.

"The Tories say they are going to pay for a cut in National Insurance through 'efficiency savings', but haven't a first clue about how these savings are going to be realised.

"Unless they can say how they will realise these savings, the Tory proposals aren't worth the paper that they are written on.

"George Osborne has taken the Government's highly dubious efficiency plans and made them even less credible.

"Today's announcement is all about low politics not sound economics.

"If George Osborne seriously wants to be Chancellor it is time he put away childish things and produced a credible plan of how he would restore the health of the nation's finances."