A good budget for bingo and boilers!

10.27.30am GMT Thu 10th Dec 2009

Commenting on today's Pre-Budget Report, Liberal Democrat Shadow Chancellor, Vince Cable said:

"What we needed was a national economic plan but what we got was a weak party manifesto.

"There has never been a deficit like this and we need a sensible and coherent plan for dealing with it.

"The Chancellor has ducked the hard choices on spending and cuts. Instead of facing up to reality he has chosen to move the goal posts by relying on fanciful growth forecasts.

"He could have used this Budget to make the tax system fairer. But instead people on middle incomes will be paying more tax while those at the top end continue to enjoy their loopholes.

"The bankers' payroll tax is the worst type of gesture politics and a gift wrapped invitation to tax avoidance.

"The hidden costs of this budget will be borne by low paid workers who face a cut in real wages because of the 1% pay rise - which is lower than inflation.

"This is a good budget for bingo and boilers but not much else."