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What the Lib Dems stand for:

  • Keep the no-win, no-fee model

  • Insurers must address customer service

  • Scrap the DTI and divide its responsibilities among other departments

  • Create a Department of the Consumer to protect and promote consumer rights

  • Reform the regional development agencies network giving more power to stakeholders.

    • The Liberal Democrats plan to keep the no-win, no-fee model.

    Vincent Cable, Treasury spokesman for the Liberal Democrats, said: "Since the end of legal aid, this is the only way those on lower income have a chance to claim.

    "Many of my constituents in Twickenham do not qualify under the Lord Chancellor Department's criteria," he said.

    Though he felt the UK regulatory regime was "adequate", he said insurers still had to address the issue of service to the consumer.

    The Liberal Democrats also plan to scrap many of the Chancellor's tax reliefs for business and will slash UK corporation tax for all firms.

    Cable said the party was in consultation with the CBI and the Federation of Small Businesses to offer a tax credit to firms with 10 or fewer staff to pay for compliance costs.

    "One of the downsides of the Chancellor's eight year reign is the complicated tax system he has introduced and endless tax reliefs for businessmen. Businessmen tell me that they are unaware of them, or they are difficult to get.

    "I want to see far fewer tax reliefs on big and small businesses, and then use the money to give a lower corporation tax," he added.

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