My response to today’s GDP figures

At long last our economy is back to the size it was before the global banking crisis – three years after the US reached the same point.

But with GDP per head not set to recover for three more years and most people still seeing their living standards squeezed this is no time for complacent claims that the economy is fixed.

Wages after inflation are down over £1,600 a year since 2010, housebuilding under this government is at its lowest level since the 1920s and business investment is lagging behind our competitors.

Labour’s economic plan will make Britain better off and fairer for the future. Our long-term reforms will tackle the deep-seated cost-of-living crisis and create a strong and balanced recovery that works for the many and not just a few at the top.

We will make work pay by expanding free childcare and introducing a lower 10p starting rate of tax. We will create more good jobs and back the next generation by boosting apprenticeships and transforming vocational education.

We will get more homes built, promote competition in banking and energy, cut business rates and argue for Britain to stay in a reformed EU. And Labour will balance the books in the next Parliament, but do so in a fairer way by reversing David Cameron’s tax cut for millionaires.

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Posted July 25th, 2014 by Ed

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