In today’s Autumn Statement. the Chancellor, George Osborne, revealed that he would have to borrow £111 billion more over the life of this parliament than had been stated in the March 2011 Budget, barely 8 months ago. The Chancellor’s plan has completely failed and lies in tatters and as the Shadow Chancellor, Ed Balls, writes the government’s reckless gamble with our economy has failed.

The government’s own Office for Budget Responsibility has significantly cut growth figures for all the years up to 2015 and the Prime Minister’s much lauded aim of balancing the books by the end of his term of office is now unlikely to be met. Unemployment is likely to grow and further attacks are being made on hard working families by either cutting or freezing child/working tax credits.

We can argue about the figures and look at all the analysis by the experts but ordinary people know it’s hurting their incomes and making life very hard for them.

This government is failing on managing the economy effectively and is having to borrow more, not to invest in schools and hospitals, but paying for higher benefit bills. It is back to the 1980s for the Tories and unfortunately for all of us as well! The lib dems were against the Tory slash and burn tactics right up to a few days after the general election but are now fervently helping their Tory friends to help dismantle Labour’s investments up and down this country.

Labour has set out its 5-Point Economic Plan to put into action straightaway to get the economy moving.

Tags: Autumn Statement, Economy, George Osborne, OBR

This entry was posted on November 29, 2011 at 4:29 pm and is filed under Economy, Tories. You can follow any responses to this entry through the RSS 2.0 feed.