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| Clegg seeks £10bn to cut deficit | Clegg seeks £10bn to cut deficit |
| (about 2 hours later) | |
| Liberal Democrat leader Nick Clegg has called for a £10bn "down payment" in the next financial year in a bid to cut the UK's record post-war deficit. | |
| Mr Clegg told the Independent he hopes this would calm financial market nerves if there is a hung Parliament. | Mr Clegg told the Independent he hopes this would calm financial market nerves if there is a hung Parliament. |
| The BBC understands he will make clear at his party's spring conference that he favours paying down debt entirely by cutting spending rather than tax rises. | The BBC understands he will make clear at his party's spring conference that he favours paying down debt entirely by cutting spending rather than tax rises. |
| The Liberal Democrat conference will be held in Birmingham at the weekend. | The Liberal Democrat conference will be held in Birmingham at the weekend. |
| The party has regularly accused the other parties of not setting out the full scale of spending cuts that will be required, but has tended to argue that the economic recovery could be endangered by reducing public spending too quickly. | The party has regularly accused the other parties of not setting out the full scale of spending cuts that will be required, but has tended to argue that the economic recovery could be endangered by reducing public spending too quickly. |
| However, in an interview in the Independent newspaper the Lib Dem leader calls for an initial £10bn repayment. | However, in an interview in the Independent newspaper the Lib Dem leader calls for an initial £10bn repayment. |
| We are not here to play games with other parties Nick CleggLib Dem leader | We are not here to play games with other parties Nick CleggLib Dem leader |
| He was also critical of the Tories for stoking fears that a hung Parliament might cause a run on sterling because of market uncertainty about the ability of a minority government to reduce Britain's record £178bn deficit. | He was also critical of the Tories for stoking fears that a hung Parliament might cause a run on sterling because of market uncertainty about the ability of a minority government to reduce Britain's record £178bn deficit. |
| Mr Clegg appears to be taking a harder line on the need to cut spending in order to bring the deficit down. | Mr Clegg appears to be taking a harder line on the need to cut spending in order to bring the deficit down. |
| However, as recently as last autumn his Treasury spokesman Vince Cable said that while the "emphasis" should be on spending cuts, no sensible chancellor should rule out raising taxes too. | However, as recently as last autumn his Treasury spokesman Vince Cable said that while the "emphasis" should be on spending cuts, no sensible chancellor should rule out raising taxes too. |
| Both Labour and the Conservatives are likely to rely on a mixture of cuts and taxation to reduce the nation's debt burden. | Both Labour and the Conservatives are likely to rely on a mixture of cuts and taxation to reduce the nation's debt burden. |
| Mr Clegg also used his newspaper interview to outline "tests" he will set for Labour and the Tories if they seek his party's support in a hung Parliament. | Mr Clegg also used his newspaper interview to outline "tests" he will set for Labour and the Tories if they seek his party's support in a hung Parliament. |
| 'No deals' | 'No deals' |
| The Lib Dem leader said he would seek tax reforms, extra education spending for disadvantaged pupils, a greener economy and voting reforms. | The Lib Dem leader said he would seek tax reforms, extra education spending for disadvantaged pupils, a greener economy and voting reforms. |
| Mr Clegg said he would hold talks with the party that won the "strongest mandate" in the general election. | Mr Clegg said he would hold talks with the party that won the "strongest mandate" in the general election. |
| He told the Independent: "If a party with no majority has the strongest mandate, we accept the principle that that party has the right to govern either on its own or to reach out to others." | He told the Independent: "If a party with no majority has the strongest mandate, we accept the principle that that party has the right to govern either on its own or to reach out to others." |
| However, he said "no deals" would be discussed with other parties before the votes are counted. | However, he said "no deals" would be discussed with other parties before the votes are counted. |
| "We are not here to play games with other parties," Mr Clegg said. | "We are not here to play games with other parties," Mr Clegg said. |
| He went on: "We are here to secure a big mandate for the big changes we want in Britain." | He went on: "We are here to secure a big mandate for the big changes we want in Britain." |
| "Once we know the lie of the land after the election, we have to work out the best way to do that." | "Once we know the lie of the land after the election, we have to work out the best way to do that." |