The economic conditions mean lower taxes for businesses are not possible, Vince Cable has said.
Speaking at the Institute of Directors (IoD) Annual Convention, the Liberal Democrat shadow chancellor claimed that while his party was a "friend of business" it is "a critical friend" which has "no intention of pulling my punches when they are needed".
"Let me be clear, I have no quarrel with the IoD," he told delegates at the Royal Albert Hall in London. "I expect the IoD to lobby for lower taxes which affect its membership. I actually agree with you that a tax on payrolls is not a good way to raise revenue.
"But none of that excuses politicians who are too weak to take into account the needs of the whole economy and say 'no, sorry we simply can’t afford what you ask'."
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