British economy is in a weak position

3.30.00pm GMT Wed 10th Feb 2010

Commenting on the Bank of England's quarterly inflation report, Liberal Democrat Shadow Chancellor Vince Cable said:

"It's clear that the British economy is in a very weak position and will be for some time to come.

"Sluggish growth and comparatively high inflation are a serious concern.

"With growth still weak it would be a foolish error to slash spending now and risk pushing the economy back into recession.

"In this climate it is essential that decisions about the speed and timing of tackling the deficit are based on the state of the economy, not political dogma."