Yvette Cooper MP, Labour's Chief Secretary to the Treasury, responding to George Osborne's speech at Tory party conference, said:

"George Osborne had his chance to say what the Tories would do about Bradford and Bingley and the huge problems facing the global financial system. He blew it. We heard nothing about how they would deal with the greatest financial shock to hit the world for decades.

"George Osborne's council tax pledge is a con - it could only be introduced if local councils make big cuts in public services. They have failed to set out where any savings would come from.

"George Osborne said he wanted to cut borrowing but offered no policies to deliver this. Instead his economic plan still promises billions of tax cuts and today they added billions more in spending commitments such as new high speed rail links.
 
"Just as George Osborne is talking nonsense on banking, he is talking nonsense on the public finances too."