Clegg: Tory and Labour plans would hit roads and railways spending

The Deputy Prime Minister has claimed that under a Conservative-only Government spending on essential infrastructure like roads and railways and on public services would "be the lowest we have seen for over half a century".

Nick Clegg told the Federation of Small Businesses that by the end of the next Parliament, the Lib Dems would cut £50bn less than the Tories and borrow £70bn less than Labour to bring down the amount spent on debt interest payments. His attack casts doubt on the Chancellor's claim that he would protect capital spending if he governed alone.

"We want to keep broadly to the approach we've taken for the last five years - the stable, centre-ground approach to tax and spending Britain needs to secure its economic recovery.

"Our plan means future governments will need to live within their means and the money we spend on public services will grow roughly in line with the growth of our economy as a whole. But we'll allow for one significant exception: Government will be able to borrow to make infrastructure fit for the 21st Century.

"We've made a strong start in this coalition Government already - committing over £56bn of investment in rail, road and local transport by the end of this decade. But we know more needs to be done to modernise Britain's transport networks. These investments are essential to help us drive business growth in the years to come."