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Time for Osborne to think again

Posted by Kate Green, MP for Stretford and Urmston, at 09:49, Fri 7 December 2012:

Listening to George Osborne's statement in parliament this week was the usual horror experience. The economy's going nowhere, thanks to his failed economic policies. And ordinary households are paying the price.

Osborne says the cuts are necessary to get the economy back on track. What he doesn't say is that things have got worse since the Tories came into government.

The economy was growing when Labour left office. Since the ConDem government took power, we've seen a double-dip recession, and growth over the past 2 years of just 0.6%, way below that of Germany or the USA.

George Osborne said he would cut the deficit and reduce public borrowing. But borrowing will be £212billion more than the government planned. More is being spent on benefits because more people are out of work. And it's sleight of hand to say the deficit is falling, by including one-off items and underspends.

What Osborne didn't say is who is paying for his economic failure. It's the same old story. Women are hit 4 times as hard as men by the announcements, as cuts to child benefit, housing benefit, tax credits and, of course, maternity pay disproportionately affect them.

The Chancellor suggested he was being fair to working people. But these are benefits that are paid to people who are in work. A family with one earner and two children will be £279 worse off thanks to his plans.

I can't see the economy getting back on track as long as Osborne's in charge. And now it seems nor can the credit rating agencies. We've been told repeatedly that the economic pain is necessary to retain the UK's AAA status, which keeps the cost of borrowing low.

But hardly had the chancellor sat down than rating agency Fitch was saying the UK was at risk of downrating.

George Osborne: your policies are hurting, but they're not working. It's time to think again.