Prime Minister found wanting when challenged on policy - Cable

7.58.00pm UTC (GMT +0000) Tue 8th Jan 2008

Vince Cable

Responding to Gordon Brown's comments this morning that anyone who criticises the Government's handling of the Northern Rock crisis is 'playing politics', Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"The Prime Minister claims he wants to be judged on policy, but is found hopelessly wanting when he is.

"It is absurd for Gordon Brown to claim people are playing politics whenever they disagree with him on important issues of substance.

"It is entirely legitimate to be concerned that £26bn of public money has been pumped into a failing bank with no guarantee that it will ever be repaid.

"If anyone can be accused of playing politics it is the Government, which has raised false hopes that a private buyer will emerge and protect jobs in the North East despite the fact this isn't even a condition for the sale of Northern Rock.

"The Liberal Democrats are the only party committed to safeguard public money and we are happy to work with the Government to find a way to do so. But without a private bidder who can guarantee the repayment in full of all taxpayer loans, the only option can be to temporarily nationalise Northern Rock."