Cable: Labour and the Tories are both right
Monday, 1 February 2010 12:00 AM
By Ian Dunt
Both Labour and the Conservatives are right to accuse each other of being contradictory on the economy, Vince Cable said today.
The Liberal Democrat Treasury spokesman's comments came during a day of accusation and counter-accusation between the two main parties.
David Cameron began the day facing claims of dithering after he said spending cuts would not take place immediately after the election, should the Tories win.
Then Peter Mandelson, business secretary, accused the Conservatives of "bobbing about like a cork in water" over the economy.
The Tory leader's persistent attempts to compare personal and state finance were "economically illiterate", Lord Mandelson said.
Dr Cable, widely praised as the only British politician to foresee the arrival of the banking crisis, responded by branding both parties in the same colour this afternoon.
"Labour and the Tories are accusing each other of being confused and contradictory on the economy, and they're both right," he said.
"The fact that they insist on this political bun fight shows they have failed to understand that the British public and the markets want a clear picture of what the next government will do.
"The Liberal Democrats are the only party that has had a consistent approach.
"We've been very open about the scale of cuts required and setting out where our priorities would be, while recognising that the timing must be decided by the strength of the economy. That is why we have set out five tests for when and how we start to cut."
The latest spat over cuts is further proof that this year's general election will be fought primarily over the economy.
On the other side of the Atlantic, US president Barack Obama is facing the same difficulties in his attempt to halve the $1.3 trillion deficit he inherited by 2013.
The plan is broadly similar to Labour's pledge to cut the deficit in half by 2012.
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