Nick Clegg responding to David Cameron's speech on Conservative spending plans said "The Conservatives clearly can't be trusted to create a fair society."
Nick also said "After months of wandering aimlessly on economic policy David Cameron has finally performed a full U-turn."
"Today's announcement is economic madness. No-one can predict the length and depth of this recession so making promises for two years time is foolish.
"What is clear is that they have no solutions for today's problems - that's why they can only make pie in the sky promises for the future."
Outlining how Liberal Democrat policy would help ordinary people on low and middle incomes, Nick said; "If we want to help our economy now, we must immediately cut taxes for those on low and middle incomes and pay for it by closing tax loopholes exploited by the very wealthy.
"If we are also to borrow to help kick-start the economy this must only be for one off capital projects that will benefit our country, not only today, but also in the future. We must not simply borrow to plough money into unsustainable spending or tax cuts."