Families paying the price for the 'downgraded Chancellor’s’ failed economic Policies

The lacklustre Budget delivered by the Chancellor on Wednesday has drawn widespread criticism after he was accused of making hard working families pay for his economic mistakes.

The Budget revealed further cuts to wages and little to help those suffering at the hands of brutal cuts to the support and services they rely on. The Budget also highlighted the Chancellor’s failure to secure growth in the economy with lower growth than forecast expected for this year and next year.

All of this means the Government’s plans are in tatters - borrowing is set to be £245 billion more than planned; the Government’s promise to balance the books by 2015 will not be met; and the national debt will not now be falling until 2017/18.

Labour argues that with public borrowing increasing and growth stalled the Chancellor’s actions are hurting communities but doing nothing to affect the problem they were designed to solve.

Labour’s Spokesperson for Resources, Cllr Carlo Gibbs, said:

“People in Tower Hamlets are suffering daily from the pain the Chancellor’s policies are causing,  what we need is a plan for jobs and growth not yet more of the same.

“In two weeks the Government will give a tax cut to millionaires at the same time as cutting support for hard working families, how much more misguided could the Chancellor’s priorities be?”

Labour MP for Bethnal Green and Bow, Rushanara Ali, said:

“What we needed in this Budget was a change of direction and bold action to kickstart our flatlining economy and give real help to families on middle and low incomes. Yet the Chancellor has stuck with more of the same failing policies and a huge tax cut for millionaires.

“David Cameron and George Osborne's economic plan has completely failed. Families, pensioners and businesses are paying the price. Britain deserves better than this.”