Labour have got a fairer way to balance the books than Tories – my article in the Mirror

The Autumn Statement gave us the final proof, if it was ever in doubt. George Osborne and David Cameron have now broken every promise they ever made on the economy.

They promised we’d be all in this together. But then they gave ­millionaires a huge tax cut.

They promised people would be better off. But most people are not feeling the recovery and working people are now £1,600-a-year worse off under the Tories.

And this cost-of-living crisis is why the Chancellor had to admit that his key promise – to balance the nation’s books by next year – now lies in tatters.

Because wages aren’t rising and too many are stuck in low-paid jobs, the tax revenues we need to get the deficit down aren’t coming in.

As I revealed in the House of Commons, George Osborne has now borrowed a staggering £219billion more than he planned.

And the economy is set to slow down next year and forecasts for wages increases have been revised down again.

Yet the Chancellor still tries to claim that the economy is fixed and his plan is working. Just how out of touch can you get? What we needed yesterday was the better and fairer plan Ed Miliband and I have set out.

Labour’s plan will raise the minimum wage, expand free ­childcare for working parents, scrap the bedroom tax and cut business rates for small firms.

There will need to be difficult decisions on spending, like cutting the winter fuel allowance from the richest five per cent of pensioners.

And we won’t make any promises without saying where the money is coming from.

But we will balance the books in a fairer way, starting by reversing the Tories’ £3 billion-a-year tax cut for the top one per cent of earners.

Changing stamp duty to help people on middle and low incomes is welcome, but we also need to get more homes built. And to help raise extra funds for our NHS we should ask those in high-value properties over £2million to pay a bit more each year through a mansion tax.

With an extra £2.5billion a year on top of Tory spending plans we can get the extra 20,000 nurses and 8,000 GPs we need to help transform our NHS and save it from the Tories.

George Osborne’s Autumn ­Statement was his last before the election. Let’s now make it his last one ever.

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Posted December 4th, 2014 by Ed