Scottish Liberal Democrat leader Willie Rennie will tell conference delegates in Aberdeen today that his party can prevent a return to “see-saw” economics.
Mr Rennie will claim that only the Lib Dems can truly adopt the centre ground of British politics as the party gets ready for a tough general election campaign.
In a speech at the Aberdeen Exhibition and Conference Centre, he will say: “The Tories are hell-bent on some ideological drive to reduce the size of the state, cutting so far that our schools, hospitals and colleges are under real threat.
“Labour, who seemed not to have learnt the lessons of the last time they were in government, want to borrow millions more, even though debt levels are at a record high.
“That is the threat Britain faces. It’s a serious threat. The return to the see-saw economics that has damaged our country in the past.
“David Cameron and George Osborne at one end, Ed Miliband and Ed Balls at the other. One end cutting recklessly, the other borrowing recklessly. And all four damaging the steady, fair economic recovery that our party alone can promise.”
Mr Rennie will also continue the party’s attack on the SNP, arguing that the Nationalists would “borrow more” than Labour.
He will add: “Like Labour, the SNP said that the UK Government’s economic plan would fail – just before the economy started to grow again.
“And now, just like Labour, they think the answer to high levels of debt is even more debt.
“The SNP were wrong on the banks, wrong on the economy, wrong on jobs – and just like Labour they have the audacity to say that’s all in the past and they are definitely right this time.”