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Admitting that economic recovery for Britain will be a lengthy and testing course, Nick Clegg insisted the coalition, despite conflicting interests, will continue to be unwavering in stamping out the financial crisis instigated by the former government.

Deputy Prime Minister Nick Clegg used his conference speech to defend the government’s flood of austerity measures in order to “to pull the economy back from the brink”, in view of the “financial storm in the Eurozone, rising unemployment, falling stock markets.”

“It is clearer now than ever that deficit reduction was essential to protect the economy, to protect homes and jobs. Deficit reduction lays the foundations for growth. Handing control of the economy to the bond traders: that's not progressive. Burying your head in the sand: that's not liberal. Saddling our children with the nation's debt: that's not fair,” he told the Liberal Democrat Autumn Conference.

“The recovery is fragile. Every worker, every family knows that. There is a long, hard road ahead.”

Mr Clegg said deficit reduction measures had shielded the economy from obscurity and laid “the foundations for growth”, but conceded they were not enough “on its own”.

“We need to do more, we can do more, and we will do more for growth and jobs,” he added.

“That's why we are already investing in infrastructure, reducing red tape, promoting skills, getting the banks lending.”

Wrapping up the five day conference,  Deputy Prime Minister criticised Labour’s record of ruling, blaming them for the “mess” UK is caught up in.

“Labour’s economy was based on bad debt and false hope. Labour got us into this mess. But they are clueless about how to get us out,” he said, declaring that another term of Labour would have been a “disaster for our economy”.

“So don’t for a moment let Labour get away with it. Don’t forget the chaos and fear of 2008. And never, ever trust Labour with our economy again.”

He went on to label Ed Balls and Ed Miliband as “the backroom boys” at the time when Labour was “failing to balance the books, failing to regulate the financial markets, and failing to take on the banks”.

“The two Eds, behind the scenes, lurking in the shadows, always plotting, always scheming, never taking responsibility. At this time of crisis what Britain needs is real leadership. This is no time for the backroom boys.”

However, he said that the coalition isn’t here to solely “repair the damage done by Labour, to glue back together the pieces of the old economy,” but moreover to rebuild a new economy free from “casino speculation”.

In his speech, the Liberal Democratic leader also heavily insisted that his party was “in nobody's pocket”, asserting that they don’t entertain “vested interests” enabling them to “make decisions in the national interest”, noting that Lib Dem ministers were making a difference, on banking reform, green jobs and easing the tax burden on the lower paid and stressed on progress made on averting NHS reforms.

“We were absolutely right to stop the NHS bill in its tracks. To ensure change on our terms. No arbitrary deadlines. No backdoor privatization. No threat to the basic principles at the heart of our NHS,” he said, progressing to proclaim that the Human Rights Act “is here to stay” - contrary to Conservative intentions.

Mr Clegg admitted that they never predicted “just how tough” government would be, acknowledging that while he that it would have been easier not to enter into the coalition, it “would not have been right”.

Since assuming power last year with the Conservatives, the Liberal Democrats haven’t had the best of times as they plummeted down popularity polls, losing support and councillors they were knocked over in local elections in May and failed to honour a pledge in opposing university fee increases – which Mr Clegg said was “the most heart wrenching” defeat for him.

“The easy thing would have been to sit on the opposition benches throwing rocks at the Government as it tried to get control of the public finances. It might even, in the short run, have been more popular, but it would not have been right. At that moment, Britain needed a strong government,” he stated.

“You don’t play politics at a time of national crisis. You don’t play politics with the economy. And you never, ever play politics with people’s jobs.”

“We put aside party differences for the sake of the national interest. People before politics. Nation before party. And while other countries have been riven by political bickering, we have shown that a coalition forged in a time of emergency could be a different kind of government, governing differently.”