Angela Eagle: Britain needs a plan for growth

Oct 31 2012 Wallasey News

IT'S good news that, with the help of the Olympics, Britain is finally out of the longest double-dip recession since World War II. Here in Wallasey we desperately need an injection of confidence and some good news on the economy.

This week’s figures show that underlying growth remains weak and that our economy is only just back to the same size as a year ago – 12 months of damaging flatlining which has seen borrowing rise in the first half of this year. The question for the coming months is whether and how we can catch up all the ground we have lost in the last two years. We’ve been falling behind as other countries move ahead. With living standards falling, more tax rises on the way, small business lending down and the eurozone still in crisis action is needed now to secure and strengthen growth in our economy. Britain needs a plan to secure and sustain a strong economic recovery, including using funds from the 4G mobile spectrum auction to build 100,000 affordable homes, a temporary VAT cut and a bank bonus tax to fund jobs for young people out of work.

People on low and middle incomes need action to ease the squeeze on their living standards rather than a tax cut for millionaires. We need long-term changes to make our economy stronger, including a long-term plan to rebuild our infrastructure and radical reform of the banks.

These are the changes that will deliver the One Nation economy that Britain deserves.