My response to GDP figures for the third quarter of 2013

“After three damaging years of flatlining, it’s both welcome and long overdue that our economy is growing again. But for millions of people across the country still seeing prices rising faster than their wages this is no recovery at all.

“Working people are on average over £1500 a year worse off since David Cameron came to office, yet very high earners have enjoyed a huge tax cut. And on the cost of living, growth and the deficit, this Government have failed every test they set themselves in 2010.

“We now need action to secure a strong, balanced and sustainable recovery that works for the many, not just a few at the top. And simply to catch up all the lost ground since 2010 we would need 1.5 per cent growth in every quarter between now and the election.

“Labour will help people facing a cost of living crisis by freezing energy prices until January 2017 and expanding free childcare for working parents. And we have called for a tax cut for 24 million working people on middle and lower incomes by introducing a lower 10p starting rate of tax.

“We need a recovery that’s built to last, so we must also bring forward infrastructure investment now to build thousands of affordable homes. And we need to make long-term changes so that our economy works for working people. That’s why Labour will cut business rates for small firms, reform our banks, strengthen the minimum wage and introduce a compulsory jobs guarantee for the long-term unemployed.

“But David Cameron and George Osborne oppose all these measures. Despite the damage of the last three years and the growing cost of living crisis on their watch, they are still making the wrong calls and failing the British people.”

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Posted October 25th, 2013 by Ed