Vince Cable

Vince Cable MP, Liberal Democrat Shadow Chancellor, responding to the Budget, said: "This Budget failed to address some of the biggest issues facing the economy and the country."

On Council Tax, he added:

"The absence of a Council Tax rebate from today's Budget means a rise in pensioners' bills of at least £200. The absence of any pre-election bribe this time round surely must now spell the end of this hated and unfair tax. It must be replaced by a system of tax which is based on ability to pay."

On pensions, he said:

"It is a massive disappointment that the Chancellor has failed to address the pensions crisis in this Budget. With a cross-party consensus, which includes the Prime Minister, it was a huge missed opportunity.

"We need a pensions system based on the Turner proposals of a higher basic state pension and an end to mass means testing."

On the environment, he said:

"This is a half-hearted attempt to turn around the Government's lack of commitment on the environment.

"Green taxes will continue to shrink as a proportion of the economy, and the restructuring of vehicle excise duty, whilst welcome, does not go far enough. The cost of the rise for gas guzzlers will be less than one full tank of petrol."

On deregulation, he continued:

"If the Chancellor is serious about cutting the burden of tax bureaucracy on business he must stop tinkering with the tax system.

"If the Chancellor thought more and legislated less, business could get the simpler, more stable tax system it needs."