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Autumn Statement: Ed Balls says Osborne's targets 'in tatters' | Autumn Statement: Ed Balls says Osborne's targets 'in tatters' |
(7 days later) | |
Chancellor George Osborne's promise to balance the nation's books in this parliament is "in tatters", shadow chancellor Ed Balls has claimed. | Chancellor George Osborne's promise to balance the nation's books in this parliament is "in tatters", shadow chancellor Ed Balls has claimed. |
He said Mr Osborne has forecast to borrow £219bn more than planned, as he responded to the Autumn Statement. | He said Mr Osborne has 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, arguing that people were £1,600 a year worse off as a result. | "Every target missed, every test failed, every promise broken," he told MPs, arguing 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. |
Mr Balls had "no answers" to the economic challenges the country faces, he said. "He has no credibility, no workable policies, because he has got not plan." | Mr Balls had "no answers" to the economic challenges the country faces, he said. "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. | 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 Mr Osborne had not been straight about the figures. | However, responding to the chancellor's fiscal statement in the Commons, Mr Balls claimed Mr Osborne 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," he said. | "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," he said. |
"It's all here in black and white." | "It's all here in black and white." |
The shadow chancellor also stressed that growth was being revised down in each of the years from 2016-18, according to the latest forecasts. | The shadow chancellor also stressed that growth was being revised down in each of the years from 2016-18, according to the latest forecasts. |
"We all know he's changed the way he styles his hair but he can't brush away the facts," Mr Balls remarked. | "We all know he's changed the way he styles his hair but he can't brush away the facts," Mr Balls remarked. |
He said stagnating wages had squeezed living standards and had led to a fall in tax receipts, with people on average £1,600 a year worse off. | He said stagnating wages had squeezed living standards and had led to a fall in tax receipts, with people on average £1,600 a year worse off. |
"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," he said. | "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," he said. |
"Every target missed, every test failed, every promise broken." | "Every target missed, every test failed, every promise broken." |
Labour would deliver an economic recovery "for the many, not just a few", and balance the nation's finances in a fairer way, he said. | Labour would deliver an economic recovery "for the many, not just a few", and balance the nation's finances in a fairer way, he said. |
Balancing the books would only work if it puts "good jobs, rising living standards and stronger growth at its heart", he added. | Balancing the books would only work if it puts "good jobs, rising living standards and stronger growth at its heart", he added. |
'Sticking plasters' | 'Sticking plasters' |
In the Autumn Statement George Osborne announced reforms to the residential property stamp duty, effective from midnight - which was welcomed by Labour. | In the Autumn Statement George Osborne announced reforms to the residential property stamp duty, effective from midnight - which was welcomed by Labour. |
It means 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. | It means 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 and GPs. | 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 and GPs. |
"Our national health service deserves a proper, funded long-term plan, not just more short-term sticking plasters," he argued. | "Our national health service deserves a proper, funded long-term plan, not just more short-term sticking plasters," he argued. |
The government has pledged an extra £2bn for frontline health services across the UK, describing it as a "down payment" on a plan drawn up by NHS bosses which called for an extra £8bn a year above inflation by 2020. Labour has said it would commit an extra £2.5bn a year above Mr Osborne's plan. | The government has pledged an extra £2bn for frontline health services across the UK, describing it as a "down payment" on a plan drawn up by NHS bosses which called for an extra £8bn a year above inflation by 2020. Labour has said it would commit an extra £2.5bn a year above Mr Osborne's plan. |
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. | 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 revenue from a growth in 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. | 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. |