VAT rate cut a tragedy - Tories

Mr Cameron said the government's policy was foolish

Conservative leader David Cameron has described the government's VAT rate cut as a "tragedy", warning that it will add further to national debt.

He said the temporary reduction from 17.5% to 15% was "wrong in the short term and wrong in the short term".

The UK could not afford this fiscal stimulus, as government debt was already too high.

Every child born was going to have "