“This Budget was a political dodge not an economic plan.
“Britain needed a Budget that gave us honesty in spending and fairness in tax, we have got neither.
“Labour is in denial, while the Conservatives are talking tough to cover up that they only offer more of the same.
“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.
“By confirming the freeze in personal allowances the Government has ensured everyone will see a real increase in their income tax bill – when what people on low and middle incomes desperately need is an income tax cut.
“Rather than forcing the nationalised banks to lend to good British businesses they have chosen to create a feeble quango to arbitrate between bullying banks and their small business clients.
“It says something when the most substantive announcement the Government can come up with is a tax agreement with Belize, however welcome that may be.”
Vince Cable responded to the budget below: