Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to Nick Clegg’s admission that the Government cut capital spending too deeply, said:
"This is the first admission that this Government has made serious mistakes on the economy. But the real question is what Nick Clegg’s Government is going to do about it. We have urged Ministers to bring forward infrastructure investment and build thousands more homes, but they have refused to listen.
"Nick Clegg also claims he wants to put money into the pockets of people on middle and low incomes. So he should now admit that the VAT rise was a mistake and cancel the plan to cut tax credits for working families on modest incomes on the day millionaires get a tax cut."