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Posts Tagged ‘ Autumn Statement ’

The Chancellor, George Osborne, laughed through his Autumn Statement as he revealed that he was borrowing more than £200 billion more than he set out 2 years ago, that the economy would contract this year and that austerity would be extended to the next 6 years. He delivered one of the worst economic outlooks that a Chancellor has ever had to reveal and a stark reminder that his economic plan to balance the books by 2015 has completely failed.

In her regular Leicester Mercury article Leicester West MP, Liz Kendall, details that there is another way and that it doesn’t have to be like this by having a bankers bonus tax to fund a youth work programme, using the 4G spectrum auction fee to build new houses and a tough new energy regulator to bring down prices. Labour also backs a properly funded British Business Bank to get much needed funds to back growth and investment.

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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.

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