George Osborne's £158 billion borrowing bomb shell
Families, pensioners and businesses know it's hurting and the Treasury Statement on Tuesday emphasised that it isn't working either. Last year, the Chancellor boasted about the deep cuts and tax rises he was putting through to cut the deficit. But the recovery he choked off and the higher unemployment he has created mean billions more borrowing to pay for his failure.
The truth is it's hurting but it's not working:
•Growth DOWN
•Borrowing UP
•Unemployment UP
There is a better way. Labour has a 5 point plan for jobs and growth:
1.100,000 jobs for young people
2.Genuinely bring forward investment projects like new school buildings
3.Temporarily reverse the VAT rise- a £450 boost for families with children
4.Cut VAT on home improvements to 5% for a year
5.A tax break for every small firm which takes on extra workers
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