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24 November 2008 Pre Budget Statement - Opposition warns against 'buy now, pay later' plans

Opposition members have criticised Chancellor Alistair Darling's plans to boost the UK economy, as revealed in today's Pre-Budget Report.

Shadow chancellor George Osborne highlighted the fact that the measures will involve 'the largest amount of borrowing ever undertaken by a British Government', and warned that they will result in a 'tax bombshell timed to go off under a future economic recovery'.

Conservative leader David Cameron echoed Mr Osborne's concerns, stating that 'they might be talking about tax giveaways but everyone knows that they're throwing money at us now to take it away at a later date'.

Meanwhile, Vince Cable of the Liberal Democrats described the measures as 'tokenism', arguing that a temporary cut in VAT and a future 45% rate of income tax for higher earners will have a 'negligible' effect on the economy. He called for a cut in income tax for low and middle income families, and action to close tax loopholes for higher earners.