Ed Balls says Chancellor 'is wedded to failed strategy'

The Shadow Chancellor has written in the Evening Standard calling on George Osborne to bring forward investment in infrastructure after IMF warnings last week.

Ed Balls said that the Chancellor, "is still wedded to failed strategy."

Mr Balls said that if the Chancellor, "acted now to boost the economy and so bring in more tax revenues, the scale of cuts could be reduced."

All the evidence suggests that Osborne is spending more time on his part-time role as David Cameron’s political and election strategist than on his day job as Britain’s Chancellor. My fear is that our Chancellor is taking his eye off the ball. That is why I have said the focus of Wednesday’s Spending Review should be clear and decisive action to boost growth and living standards this year and next year — not simply setting out cuts for two years’ time.

– Ed Balls, Shadow Chancellor

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Osborne signs off budget cuts

The Chancellor, George Osborne has reached agreement with Cabinet colleagues over the extent of cuts to their budgets.