Autumn Statement: Tories have failed on the economy

Steve Reed MP has condemned Tory Chancellor George Osborne for delivering an Autumn Statement that failed every test and broke every promise he’d made to Croydon North and the rest of the country.

Working people in Croydon North are on average £1,600 a year worse off than when the Government was elected because of the Tories’ failure to manage the economy properly.  The Chancellor’s key promise to balance the nation’s books by next year now lies in tatters with the national debt now a staggering £450bn bigger than it was when Labour left office.

Commenting on the Autumn Statement, Steve Reed MP said: “George Osborne could have taken this opportunity to ease the burden on hard-working families across Croydon North. Instead, he showed he’s learnt nothing from his failure over the past four and a half years with promises to slash spending on public services down to levels not seen since the 1930s so he can hand yet more tax cuts to his millionaire friends while everyone else suffers.”

He continued: “The Tories don’t understand the fundamental link between the living standards of everyday working people and Britain’s ability to deal with the deficit.  They’ve targeted cuts on the weakest, forced more and more people onto poverty pay and benefits, and left the nation struggling with giant debts.   Labour will take a different approach by raising the minimum wage, expanding free childcare for working parents and cutting taxes for small firms that help create jobs.  Labour will deal with the deficit through growth, while the Tories are only interested in ideological cuts.”