Conservatives tax policy irresponsible, confused and incoherent - Cable

The Liberal Democrats have attacked the Conservative party as 'utterly irresponsible' on taxation on the day that Lord Forsyth's report into Conservative tax policy is published.

Liberal Democrat Shadow Chancellor, Vince Cable MP, said:

"It is utterly irresponsible to present plans for swingeing tax cuts without saying who would pay for them.

"The Conservative approach to tax is totally confused. A few months ago they were advocating 'flat taxes' and now they have started talking about cuts in stamp duty on shares and in business taxes.

"However, at their conference they talked about financial responsibility and were making it clear that there would be no commitment to specific or overall tax cuts under a Conservative government. Which is it?

"The last time the Tories promised income tax cuts they paid for it by raising VAT from 8% to 15% to 17.5%, shifting the burden of tax from the richest to the poorest in society.

Commenting on the lack of environmental taxes Dr Cable said:

"This report makes no mention of green taxes. David Cameron must wake up and realise that warm words are no substitute for hard plans on the environment.

"Any party which changes its fundamental approach to tax policy from week to week, depending on the audience, really cannot be expected to be taken seriously as a party of government."

Responding to the publication of the Conservatives' Forsyth Tax Commission, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"This was George Osborne's first real test as Shadow Chancellor and he has failed spectacularly.

"Tory tax plans are confused, incoherent and lacking any credibility. These plans are fiscally irresponsible. They offer £21bn of tax cuts but don't say who will pay for them.

"The Tories claim to be in favour of environmental taxes, but until there is flesh on the bone they will not be taken seriously.

"It is totally unfair that the richest fifth of the population pay less as a percentage of income in tax than the bottom fifth. These plans would make the tax system even more unfair.

"Their rhetoric of compassionate conservatism has been entirely undermined by the reality of their true blue Tory tax cuts for the wealthiest in society."