Angel Eagle: Economic woes revealed

Dec 12 2012 by Val Woan, Wallasey News

LAST week at the Autumn Statement we found out the true scale of David Cameron and George Osborne’s economic failure.

They’re failing on jobs and growth. Not only is the economy shrinking this year but growth forecasts have been downgraded yet again this year, next year and every year up to 2016.

Instead of the 3.6% growth that the Government promised the economy has grown by just 0.6% in the past two years.

Instead of growth we have one million young people unemployed, long term unemployment on the rise and forecasts that prices will rise faster than wages until 2014.

As a result borrowing and debt figures have been revised up. And the Government has had to admit it is failing on the one test they set themselves –to balance the books and get the debt down by 2015.

It is shocking that while millionaires get a £3 billion tax cut, it is people who are already struggling to make ends meet – middle and lower income families and pensioners who are paying the price for this failure.

Instead of a change of course, all we got from the Chancellor’s Autumn Statement was more of the same failing policies.