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Osborne a work experience chancellor, says Cable ally Osborne a work experience chancellor, says Cable ally
(about 6 hours later)
A close ally of Vince Cable has called for the business secretary to replace George Osborne as chancellor.A close ally of Vince Cable has called for the business secretary to replace George Osborne as chancellor.
Liberal Democrat Lord Oakeshott told the BBC Mr Osborne was a "work experience chancellor" with "no business experience". Lib Dem Lord Oakeshott said Mr Osborne was a "work experience chancellor" with "no business experience".
He added that the "best people" were needed to help the UK out of the current economic crisis. He added that the "best people" were needed to help the UK out of its worsening economic situation.
His comments came after the latest figures revealed that the economy had shrunk by 0.7% between April and June. Mr Cable later told the BBC he would "probably" make a good chancellor but Mr Osborne was doing the job well and "nobody was suggesting" a change.
It was the third quarter of a year in a row of falling GDP. Speculation about Mr Osborne's future came after the latest figures revealed that the economy had shrunk by 0.7% between April and June.
Mr Osborne said: "We're dealing with our debts at home and the debt crisis abroad. The worse-than-expected figure was the third quarter of a year in a row of falling GDP.
"But given what's happening in the world, we need a relentless focus on the economy and recent announcements on infrastructure and lending show that's exactly what we're doing." In response, Mr Osborne said the government was "dealing with our debts at home and the debt crisis abroad".
And he added: "But given what's happening in the world, we need a relentless focus on the economy and recent announcements on infrastructure and lending show that's exactly what we're doing."
'Arrogance''Arrogance'
However, Lord Oakeshott told BBC Radio 4's World at One that his fellow Liberal Democrat Mr Cable should be put in charge at the Treasury.However, Lord Oakeshott told BBC Radio 4's World at One that his fellow Liberal Democrat Mr Cable should be put in charge at the Treasury.
He said: "George Osborne has got no business experience.He said: "George Osborne has got no business experience.
"He has never worked outside politics. He is doing surprisingly well for a chancellor on work experience."He has never worked outside politics. He is doing surprisingly well for a chancellor on work experience.
"But really in a torrid time like this I think we do need absolutely the best people available.""But really in a torrid time like this I think we do need absolutely the best people available."
Lord Oakeshott told the BBC News Channel that the Treasury was displaying "inertia combined with arrogance".Lord Oakeshott told the BBC News Channel that the Treasury was displaying "inertia combined with arrogance".
He said: "We have just got to have a bolder plan to to grow, to make the banks lend and to get houses built, and I do think it would help if we had the A-team in the Treasury.He said: "We have just got to have a bolder plan to to grow, to make the banks lend and to get houses built, and I do think it would help if we had the A-team in the Treasury.
"George Osborne has been working hard and done his best, but we are in uncharted waters and I think more experience would be good.""George Osborne has been working hard and done his best, but we are in uncharted waters and I think more experience would be good."
But the Liberal Democrat Chief Secretary to the Treasury, Danny Alexander, said the coalition was able to "take the decisions necessary" to restore the economy and that ministers, including Mr Osborne and Mr Cable, would work together to "make it happen". In an interview with the BBC Two's Newsnight programme, Mr Cable said Lord Oakeshott was a "good friend" but he did not agree with him on the issue.
Asked whether he would make a good chancellor, Mr Cable replied: "I probably would but George Osborne is doing the job, we're doing it together well as part of a team, and nobody's suggesting we change the arrangements".