YVETTE COOPER MP, Labour's Chief Secretary to the Treasury, responding to George Osborne's speech at the British Chambers of Commerce in Liverpool today, said:

"Even by George Osborne's standards, this is a new level of opportunism - hinting at a new tax policy and not saying how the Tories would fund it is the height of irresponsibility.

"His latest proposal on foreign profits, without explaining how this would be funded, adds a further £700 million to the Tories' ever widening financial black hole.

"It is clear that at a time of global economic uncertainty the Tories would play fast and loose with the British economy risking a return to the days of 15 per cent interest rates and 3 million unemployed."