Osborne's budget: a picture of utter economic failure
Posted by Kate Green, MP for Stretford and Urmston, at 10:06, Fri 22 March 2013:
I listened in almost total disbelief to the Chancellor presenting his budget on Wednesday.
It was a picture of utter economic failure.
My jaw dropped when he gave the predicted figures for public sector net borrowing.
It will be 2017 before the national debt starts to fall.
The independent Office for Budget Responsibility, set up by the government to report on the public finances, says starkly that reductions in net borrowing have "stalled".
The OBR's predictions for growth in the economy have been downgraded. It will be at least 2015 until growth gets back on track.
And the news for families is bleak.
The OBR confirms families will be worse off in 2015 than they were in 2010.
A family with one earner on £20,000 a year, and with two children, will be £381 worse off in 2013/14 and £600 worse off in 2014/15.
That's even after the increase in the personal tax threshold. This flagship policy won't do nearly enough to compensate for all the other cuts to tax credits and benefits for working families.
The Chancellor has to take responsibility for all this failure.
Our economy is flat on its back because of decisions made while he's been in charge.
But the richest are still doing ok after this budget.
In just a few days' time, 13,000 millionaires get a tax cut worth £100,000.
And, unbelievably, announcements of more help for homebuyers could apparently benefit people buying second homes or buy-to-let.
I watch George Osborne in parliament. And I honestly think, deep down, he's frightened.
He knows his economic plan isn't working out.
Yet he won't backtrack.
He simply doesn't know what to do.
In June, we will have a spending announcement to cover the next three years.
I am very concerned that the Chancellor will simply repeat his one-club failed strategy.
More cuts to come for public services and social security. More pressure on the economy and on wages.
It's a total disaster. And ordinary people are paying the price.
Kate Green
Member of Parliament for Stretford and Urmston
Shadow Spokesperson for Equality
Tel: 0161 749 9120 (constituency); 020 7219 7162 (Westminster)
Www.kategreen.org
@kategreensu
Comments
If you are subscribed to HearFromYourMP in this constituency,
log in to post a reply.
Otherwise, if you live in the UK,
sign up in order to
HearFromYourMP.
Posted by JANICE FLANAGAN, 16:33, Wed 27 March 2013: (Is this post abusive?) #
I wasnt surprised about the outcome of the chancellor's budget. Not in the least. after all as a conservative he has to be seen to kiss the arse of the rich whilst ripping off the poor but this is a rip off too far!! The economic crisis is very real and everyone in our country will have to suffer the repercussions for many years and that includes the rich. Don't spend time persecuting the disabled ...give them hope of living an independent life in their their own homes (thanks to labour government's independent living allowance) then take that away from them in a sweep of a broom! Its cruel. In pussy footing around their voters this government is losing a very real chance of bringing our great country back from the brink. It could be 2015 or 2017 ..who knows? You cannot expect the less well off to take the brunt of the cuts which so far have hurt families and the unemployed and the disabled!! Apparently there are more cuts in store?? It would be far more honest to tell the rich conservative voters to "belt up" and suffer like the rest of the population! We are all in this together. Janice Flanagan Mrs
Posted by Mr Clive Gibson, 16:04, Fri 19 April 2013: (Is this post abusive?) #
And the Labour alternative is er.....? More cuts as promised in the last election, so basically the same as the Tories then?