[Валенти]

The Liberal Democrats have done a good job of fleshing out detailed and wide-ranging policies to the main issue this election: the economy. Broadly speaking, the party is closer to Labour's arguments on the deficit (that immediate cuts would put the recovery at risk) than it is to the Tories' (that immediate action is required to preserve Britain's economic reputation). But Treasury spokesman Vince Cable is his own man. He believes the judgement of when and what to cut must be taken on an economic, not political, basis. Under Lib Dem policies, the decision to cut would be based on the rate of growth, the level of unemployment, credit conditions, the extent of spare capacity and the borrowing conditions in international markets.