Autumn Statement

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04 Dec 2014

The Chancellor delivered his Autumn Statement to the House of Commons earlier this week. The Prime Minister and he have now failed every test and broken every promise they made on the economy.
They promised living standards would rise, but while millionaires have got a huge tax cut, working people are now £1,600 a year worse off under this Government. The Office for Budget Responsibility has this week revised its forecast for wages: down this year and next year.

The cost of living crisis is why the Chancellor has been forced to admit that he has broken his promise to balance the books before the election. Because he has failed to deliver rising living standards he has now borrowed £219 billion more than he planned in this Parliament.

Borrowing has been revised up by £12.5 billion this year and next. Growth is set to slow next year and the year after, and has been downgraded in every year after 2016.

With measures on Stamp Duty, the Chancellor has accepted the principle of the argument that very high value properties are under taxed. What we needed this week was a better and fairer plan to deliver a recovery that works for the many and not just a few.