Tory sums do not stack up - Cable

Commenting on David Cameron's decision to stick with his proposed inheritance tax cut and his assertion that it will be paid for by taxing non-doms, Liberal Democrat Shadow Chancellor, Vince Cable said:

"It's unbelievable that the Tories are still planning to cut taxes for a handful of millionaires when the majority of people across the country are feeling the squeeze. We need fair tax cuts that put money back in the pockets of ordinary people.

"The Tory sums simply do not stack up. It is irresponsible and highly misleading for George Osborne to continue to pretend that they do.

"If Osborne and Cameron can't get these simple sums right how can they possibly be trusted to run the economy."

· Government's pension reforms won't stop slow death of final salary schemes - Webb

Commenting on today's report from the Association of Consulting Actuaries on the deteriorating state of defined benefit pension schemes, Liberal Democrat Shadow Work and Pensions Secretary, Steve Webb said:

"The Government's new personal accounts will not solve the problems caused by a low level of savings, nor will they help stop the slow death of final salary pension schemes.

"Even with the new employer contributions, ministers can't confirm that all savers will be better off and they certainly can't promise that this will offer a better return than rival investments.

"The decline of defined benefit schemes means we need more flexible pensions that will encourage people to save.

"All this makes a more generous state pension even more important to ensure a decent standard of living in retirement."