I condemn the Chancellor’s budget announcement today as it reveals that Mr Osborne has failed on the promises he made to the electorate both in 2010 and 2015.
Today, saw George Osborne MP deliver the budget for UK tax and spending. The most striking aspect of the budget was the long list of failures that the Chancellor has achieved whilst in the role.
George Osborne has failed on his central promise to balance the books by 2015 and the Financial Times reports that he has missed two of his own targets already in this Parliament. He has also announced that growth forecasts for the next five years have been cut. Meaning that he will now have cut public spending by an extra £3.5 billion by 2020.
We also learnt that disabled people will lose more than £1 billion over this parliament because of the Chancellors cuts.
The Chancellor had previously set an export target of £1 trillion by 2020. Today, we learnt that exports were actually falling and nowhere near the £1 trillion had he promised.
Moreover, it was revealed that 81% of George Osborne’s cuts have fallen on women. Women in Britain are now facing, according to the Fawcett Society, the greatest threat to their financial security and livelihoods in a generation.
Sustained failures by the Chancellor have ensured that any form of economic recovery has been unjust and failed to reach every corner of the UK. This is particularly clear in Flintshire where we are desperate need for more investment into transportation links with English cities.
We have seen the gender pay gap remain well above the EU average, disabled and vulnerable people in Flintshire have been hit hard by cuts to social security along with women born in the 1950s come under enormous pressure from changes to their state pension age.
George Osborne has promised every year that he has been Chancellor that he would bring the UKs deficit and debt under control. He has failed each and every year to do so. The longer he fails to deliver on this the worse off we all become. He has borrowed more and more to cover his failure to bring the deficit under control.
Labour would establish a National Investment Bank to deliver investment and support needed for the high-technology, high-wage economy we need. Plus we would balance the books and pay down the debt while protecting public services. Using the growth from investment to pay off the deficit.