Yvette Cooper MP, Labour's Chief Secretary to the Treasury, responding to David Cameron this morning, said:

"David Cameron just doesn't get it. If we don't act now, the recession will last longer, run deeper and cost every one of us more.

"Major government leaders across the world and Nobel prize winning economist Paul Krugman are backing increased investment and fiscal action because they know it will be more costly if we don't.

"David Cameron's plans to cuts things like training budgets, housing and transport infrastructure in a recession would be bad for the next generation as well as economic madness now.

"While Labour is taking action today to get unemployed people into jobs, the Conservative party is busy with the usual insubstantial PR operation."

Yvette Cooper added:

"We are able to borrow to support people, jobs and the economy now because we paid down debt. We still have a lower level of debt than the US, Germany, Japan, France - all of the major economic competitors in the G7 except Canada."