This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/uk-politics-30314331

The article has changed 6 times. There is an RSS feed of changes available.

Version 1 Version 2
Autumn Statement: Ed Balls says Osborne's targets 'in tatters' Autumn Statement: Ed Balls says Osborne's targets 'in tatters'
(35 minutes later)
Chancellor George Osborne's promise to balance the nation's books in this parliament is "in tatters", shadow chancellor Ed Balls has said.Chancellor George Osborne's promise to balance the nation's books in this parliament is "in tatters", shadow chancellor Ed Balls has said.
He said Mr Osborne is forecast to borrow £219bn more than planned, as he responded to the Autumn Statement.He said Mr Osborne is forecast to borrow £219bn more than planned, as he responded to the Autumn Statement.
"Every target missed, every test failed, every promise broken," he told MPs, and claimed that people were £1,600 a year worse off as a result."Every target missed, every test failed, every promise broken," he told MPs, and claimed that people were £1,600 a year worse off as a result.
George Osborne said he had steered the economy from crisis to stability.George Osborne said he had steered the economy from crisis to stability.
He said Mr Balls had "no answers" to the economic challenges the country faces. "He has no credibility, no workable policies, because he has got not plan."He said Mr Balls had "no answers" to the economic challenges the country faces. "He has no credibility, no workable policies, because he has got not plan."
A future Labour government would take Britain back to square one, he told the Commons.A future Labour government would take Britain back to square one, he told the Commons.
In his Autumn Statement, Mr Osborne said that although borrowing was set to be £91.3bn this year - above the forecast £87bn - the longer term outlook was rosy, with the UK "out of the red and into the black" by 2019/20.In his Autumn Statement, Mr Osborne said that although borrowing was set to be £91.3bn this year - above the forecast £87bn - the longer term outlook was rosy, with the UK "out of the red and into the black" by 2019/20.
Government borrowing is forecast to be £91.3bn this year, then £75.9bn, MPs were told. In March the forecast for this year was for borrowing of almost £87bn. Government borrowing is forecast to be £91.3bn this year, then £75.9bn, MPs were told.
"The deficit is falling this year and every year," Mr Osborne said."The deficit is falling this year and every year," Mr Osborne said.
'Every target missed''Every target missed'
However, responding to the chancellor's fiscal statement in the Commons, Mr Balls claimed the chancellor had not been straight about the figures.However, responding to the chancellor's fiscal statement in the Commons, Mr Balls claimed the chancellor had not been straight about the figures.
Citing the latest economic statistics from the independent Office for Budget Responsibility, he told MPs that borrowing has been revised up by £4.9bn this year, and by £7.6bn in 2015.Citing the latest economic statistics from the independent Office for Budget Responsibility, he told MPs that borrowing has been revised up by £4.9bn this year, and by £7.6bn in 2015.
"Over two years he's revised up borrowing by £12.5bn... this means the chancellor will have borrowed in this parliament £219bn more than he planned in 2010."Over two years he's revised up borrowing by £12.5bn... this means the chancellor will have borrowed in this parliament £219bn more than he planned in 2010.
"It's all here in black and white," he said."It's all here in black and white," he said.
He said stagnating wages had squeezed living standards and led to a fall in tax receipts, with people on average £1,600 worse off. He emphasised that stagnating wages had squeezed living standards and led to a fall in tax receipts, with people on average £1,600 a year worse off.
"We all know he's changed the way he's styled his hair but he can't brush away the facts," he said. A plan to balance the books would only work if it puts "good jobs, rising living standards and stronger growth at its heart", he argued.
Mr Balls added: "He promised to make people better off. Working people are worse off. He promised we were all in this together. When he cut taxes for millionaires... "We all know he's changed the way he's styled his hair but he can't brush away the facts," Mr Balls remarked.
Mr Balls added: "He promised to make people better off. Working people are worse off. He promised we were all in this together. Then he cut taxes for millionaires...
"Every target missed, every test failed, every promise broken.""Every target missed, every test failed, every promise broken."
The shadow chancellor said Labour would deliver an economic recovery "for the many, not just a few", and balance the nation's finances in a fairer way.The shadow chancellor said Labour would deliver an economic recovery "for the many, not just a few", and balance the nation's finances in a fairer way.
In the Autumn Statement George Osborne announced reforms to the residential property stamp duty, effective from midnight - which was welcomed by Labour.
Under the plans, the current system, where the amount owed jumps at each threshold level, will be replaced by a graduated rate, working in a similar way to income tax.
Mr Balls said the chancellor had "accepted" that high value properties were "under-taxed" and told him to "have the courage of his convictions" and match Labour's commitment for a mansion tax to fund more NHS nurses.
Other measures welcomed by Mr Balls included the scrapping of Air Passenger Duty for under-12s from 1 May 2015, and under-16s in 2016; an increase in the research and development tax credit for small and medium-sized (SMEs) firms, and a review of business rates.
However, Mr Balls called on the government to go further and introduce an immediate cut in business rates for small companies, and for control of business rates to be devolved to all city and council regions.
He also called for an increase in the bank levy to pay for more free childcare for working people, rises in the National Minimum Wage and a bankers' bonus tax to fund jobs for young people.