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Government borrowing more as the recovery leaves too many behind

[10/12/2014 | No comment]

Money
David Cameron’s single biggest promise when he became Prime Minister was to balance the books by 2015. But we now know he has failed, as the Chancellor confirmed when delivered his final autumn statement of this Parliament.

The Government is borrowing £219 billion more than they originally planned, and borrowing is forecast to go up again this year and next. The Office for Budget Responsibility says the main cause of this increased borrowing, despite the economy returning to growth, is the low tax take. At the same time, many people still aren’t feeling the benefits of growth as their wages continue to stagnate.

We’re not going to succeed in getting the deficit down or in improving people’s living standards without a proper long-term plan to support good quality jobs alongside tough decisions on public spending and fair taxes. You can read more on Labour’s response to the Autumn Statement here.

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