Liam Byrne MP, Labour’s Chief Secretary to the Treasury responding to George Osborne's speech today said:

“Today George Osborne made credibility the test and then failed it. The only thing he succeeded in doing was to talk Britain down.

“In a press conference riddled with mistakes, he promised clarity but what we got was more confusion. He was asked five times what his cuts would be this year, but repeatedly refused to say. He was asked about his deficit plans but couldn’t give any details.

“What’s becoming clear is either he has a secret plan or no plan at all. And he must now be straight with the British public.

“Confidence is draining fast from the Shadow Chancellor. Their economic policy now lies in tatters as they simply lurch from one soundbite to another.”