My remarks following this week’s speech by the Governor of the Bank of England

Speaking in East Ayrshire tonight Ed Balls MP, the UK Shadow Chancellor of the Exchequer, is expected to say:

“Over the last few months Labour has been setting the agenda on how we will earn our way to higher living standards for all and tackle the cost-of-living crisis.

“We’ve set out clear plans to reform our banks and energy markets, invest in childcare to make work pay and get young people back to work.

“And we’ve committed to delivering a surplus on the current budget and falling national debt as soon as possible in the next Parliament. But we will make different choices to get the deficit down in a fairer way.

“That’s why for the next Parliament a Labour government will reverse David Cameron’s tax cut for the richest one per cent of earners on over £150,000.

“Because at a time when everyone else is worse off and there will be difficult decisions to get the deficit down, a tax cut for the highest earners cannot be justified.

“And what have the other parties said in response? The Tories have not only defended their tax cut for the richest but David Cameron has refused to rule out giving them another one. He’s totally out of touch with ordinary people in Scotland and across the UK.

“And the SNP have been all over the place. They couldn’t say whether they would or wouldn’t reverse Cameron’s tax cut for millionaires in an independent Scotland. They need to get off the fence and tell people across Scotland where they stand.”

In his first remarks following this week’s speech by the Governor of the Bank of England, Ed Balls is expected to say:

“The Governor of the Bank of England’s important speech is a wake-up call to those who want to avoid discussing what the economic consequences of breaking-up the UK would be for Scotland.

“The Governor was clear that the Eurozone showed that currency union without fiscal union won’t work. But the SNP immediately rejected fiscal union. Alex Salmond’s rejection of the key test set by the Governor of the Bank of England makes an already flawed proposal even more unworkable.

“Alex Salmond cannot continue to casually claim that Scotland could keep the pound. He simply cannot make that promise because it would take both sides to agree. The only way to guarantee the pound is to stay in the UK.

“So what is Alex Salmond’s plan B on currency? Does he want Scotland to join the euro or to create a new separate currency for Scotland? He cannot run away from the difficult questions any longer. The people of Scotland need to be told.”


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Posted January 31st, 2014 by Ed