Labour: We need urgent action now to help economy

Chuka Umunna, Labour's shadow business secretary, responds to Vince Cable's admissions that the economy is performing poorly:

"This is a stunning admission from one of the most senior members of the Cabinet. But it is time this government actually took responsibility for their reckless decision to cut spending and raise taxes too far and too fast which has crushed our economy.

"We need urgent action and an emergency budget for jobs and growth now like the five point plan Labour which has set out, but the business secretary has failed to show any urgency or leadership.

"A year after the Spending Review, the business secretary should reflect on the fact that confidence has nosedived since it was announced and work out what action he is going to take now to get our economy growing again."