The Shadow Chancellor Ed Balls accused the current Chancellor of a catalogue of failures in his response to the Spending Review today:
He said the economy would grow by six per cent – but it’s grown by just one per cent.
He pledged to get the banks lending – but bank lending is down month on month on month.
He made the number one test of his economic credibility keeping the AAA credit rating – but on his watch we have been downgraded, not once but twice.
He promised living standards would rise – but they’re falling year on year.
He said we’re all in this together – but he has given a huge tax cut to millionaires.
He promised to balance the books – and that promise is in tatters.
Shadow financial secretary to the Treasury Chris Leslie writes for ITV News in response to the Chancellor's Spending Review.
While the Conservatives and Lib Dem strategies are clear enough, Labour's response to government cuts is not yet obvious.
By excluding pensions and the benefits associated with the economic cycle, Osborne has put an automatic cap on a narrow range of benefits.