Vince Cable responds to the budget

"Today, Britain needed a Budget that gave us honesty in spending and fairness in tax. Alistair Darling has given us neither.

"Labour is in denial, while the Conservatives are talking tough to cover up the fact that they only offer more of the same.

"Today's budget wasn't honest.

"The Chancellor is incapable of coming clean about where spending cuts will have to fall. Rather than being honest with people about what the Government can and cannot afford, the Chancellor would rather let others indiscriminately shave departmental budgets.

"And the Budget did nothing to make Britain a fairer society.

"We're campaigning for fair taxes, lifting millions of people out of income tax altogether. But today's Budget, by confirming the freeze in personal allowances, means everyone will see a real increase in their income tax bill.

"Rather than forcing the nationalised banks to lend to good British businesses, Labour have chosen to create a feeble quango to arbitrate between bullying banks and their small business clients."

You can watch Vince's video response to the Budget here: