CHIEF Treasury secretary Danny Alexander will lead on the economy in the Liberal Democrat election campaign — after party leader Nick Clegg yesterday dramatically demoted veteran MP Vince Cable.

Business Secretary Mr Cable was praised for his performances in debates with his Tory and Labour counterparts before the 2010 election, but Mr Clegg announced yesterday that he would not resume the role.

Tim Farron — whose term as Lib Dem president ended this month — will speak on foreign affairs, while current Home Office minister Lynne Featherstone will take the home brief.