My response to today’s GDP figures

Ed Balls MP, Labour’s Shadow Chancellor, responding to today’s GDP figures, said:

“Today’s growth figures are welcome and long overdue after three damaging years of flatlining. But for working people facing a cost-of-living crisis this is still no recovery at all.

“Wages are now down £1600 a year after inflation under David Cameron and tax and benefit changes since 2010 have left families worse off by an average of £891 this year.

“And with business investment still weak, construction output down and housing demand outstripping housing supply, this is not yet a recovery that is built to last.

“Risks remain in the global economy and simply to catch up all the lost ground since 2010 we need 1.6 per cent growth each quarter between now and the election.

“Labour has set out a plan to secure a strong and balanced recovery and earn our way to higher living standards for the many, not just a few at the top.

“We will reform our banks and energy markets, cut business rates, expand free childcare to make work pay and get 200,000 new homes a year built by 2020.

“And we will make fairer choices to balance the books where this government has failed. That’s why for the next Parliament we will reverse David Cameron’s tax cut for the top one per cent of earners on over £150,000.”

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Posted January 28th, 2014 by Ed

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