Repeated broken promises – the Conservative economic record

The Government’s record as regards to promises they’ve made on the economy is poor. They gave millionaires a huge tax cut when they promised we would be all in this together. They promised people would be better off yet many in Southend West are not feeling the recovery. Working people are now £1,600 a year worse off under the Conservatives.

This cost-of-living crisis is why the Chancellor had to admit that his key promise now lies in tatters; he will not balance the nation’s books by next year.

Because too many are stuck in low-paid jobs and wages aren’t rising the tax revenues we need to get the deficit down are not coming in. The Conservatives do not understand the fundamental link between the living standards of everyday working people in Southend West and Britain’s ability to deal with the deficit. The Chancellor has now borrowed a staggering £219 billion more than he planned and the economy is set to slow down next year after forecasts for wages have been revised down again.

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. 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 we need a Mansion tax to help save and transform our NHS. With an extra £2.5 billion 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 Conservatives.

The Conservatives promised to eliminate the deficit by 2015 but with less money coming in because of their wrong economic decisions, they’ve broken their promise, failed their own economic test and its hardworking people who are paying the price. It’s time for an economic recovery for the many, not just a few.

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