Vince Cable calls for a rethink of George Osborne's flagship 'Help to Buy' scheme Vince Cable has called for a rethink of Chancellor George Osborne's flagship 'Help to Buy scheme' amid fears of a new housing market bubble. The Business Secretary questioned whether the second part of the scheme - providing government guarantees for low-deposit mortgages - should go ahead as planned in January. We should certainly think about how it should come into effect, indeed whether it should come into effect, in the light of changing market conditions. We don't want a new housing bubble," he told Sky News. However Downing Street has insisted the Government will go ahead with the scheme. "It will be launched," the spokesman said. We are faced with a situation - because of the fall in availability of 90 to 95 per cent loan-to-value mortgages - where many first-time buyers are faced with a real obstacle to making a home of their own. It is important we address this issue. Mr Cable's intervention came as he prepared to sound a warning over the dangers of complacency over Britain's economic recovery, insisting ministers "can't rest on our laurels." Two days after Mr Osborne declared the economy was finally "turning a corner," Mr Cable will use a keynote speech to business leaders to say "a few quarters of good economic data" did not mean the country was out of the woods. His intervention is likely to revive old tensions with the Chancellor with whom he has clashed in the past. However, it will also be seen as a piece of political positioning ahead of the party conference season, with the Liberal Democrats keen to put some distance between themselves and their Conservative coalition partners. In his address to a joint Government/CBI industrial strategy conference at Warwick University, the Lib Dem Business Secretary will say that while there were "encouraging" signs for the economy, there was further to go. The kind of growth we want won't simply emerge of its own volition. One is complacency, generated by a few quarters of good economic data," he will say. It isn't difficult to see evidence of confidence returning and there are positive trends in production. Recovery will not be meaningful until we see strong and sustained business investment - and this is still 13 per cent down on its 2008 peak and, as a share of GDP, is currently the lowest in the G7. Interviewed on BBC Radio 4's Today programme, Mr Cable insisted he supported Mr Osborne's comments about the recovery but he stressed the economy remained in a "long, dark tunnel." "The reactions to the news over the last few weeks somehow suggest that we are out of this long, dark tunnel," Mr Cable said. I don't want the public debate about this to become obsessive about a few weeks' data, when what really matters is the long-term change we're trying to achieve, getting Britain more outward looking, avoiding a return to the boom-bust psychology. The point I am trying to make is that this is a long-term haul. We have got a marathon not a sprint here. For Labour, shadow business secretary Chuka Umunna said Mr Cable had delivered an "embarrassing slap-down" to Mr Osborne. However, he insisted that the Lib Dems could not distance themselves from the Chancellor 's economic strategy. It also reminds everyone that you can't trust a word the Lib Dems say. Vince Cable has supported the Chancellor's policies which choked off the recovery in 2010," he said. Three wasted years of flatlining that has left families worse off and done long-term damage to our economy is his record and he should take responsibility for it. Mr Cable said the Liberal Democrats would increasingly be seeking to differentiate their approach from the Tories in the run-up to the election. The Lib Dem position is about how we need to have a strong economy. But I think there has to be much more emphasis on the need for long-term recovery. We will be very distinct from the Conservatives in the message we give," he said.