SPENCER DRURY: LABOUR’S PLANS FOR MORE UNFUNDED SPENDING WOULD MAKE HARDWORKING TAXPAYERS IN ELTHAM WORSE OFF
Spencer Drury has condemned Labour’s pledges over the summer for £21 billion more unfunded, inefficient and ineffective spending.
New analysis has revealed this would cost working households £1,235 each – totalling a cost of £1.6bn billion for working households across Outer London. This would all have to be paid for by higher taxes or more borrowing, making hardworking taxpayers, and future generations, worse off.
While Labour continue to struggle for credibility on the economy new figures from the Office for National Statistics have revealed that the recovery in the economy under this Government has been stronger than previously thought. Growth since 2010 has been revised up to 8.1 per cent, from the previous estimate of 7.0 per cent.
This faster growth means there are more businesses creating more jobs, so that more families can have the security of a regular pay packet, with a brighter future ahead of them.
“Just as new growth figures – which show the economy has been growing faster under this Government than previously thought – confirms this Government’s long-term economic plan is working, helping more families achieve the security of work, it’s shocking to see Labour still haven’t learned its lesson.
“In a string of speeches over the summer Labour pledged £21 billion worth of unfunded, inefficient and ineffective spending. That would cost each working household £1,235 – £1.6 billion across Outer London alone.
“This means Labour would have to hit people in Eltham with more borrowing and higher taxes, making hardworking taxpayers worse off and putting the recovery at risk. We need to stick to the Conservatives’ long-term economic plan, which is delivering growth, getting the deficit down and cutting taxes - securing a brighter and more secure future for Britain.”
Notes for readers
· Over the summer Labour have called for £21 billion of unfunded new spending. Labour’s ‘The Choice’ campaign called for £20.955 billion of extra spending, with only £105 million of plans to raise revenue by limiting pensioner benefits (Daily Mail, 2 September 2014, link).
· This would mean a cost of £1,235 for each household with someone in work across the country. Averaged across the 16.9 million working and mixed households in the UK this would be £1,235. This would have to be covered by higher taxes or more spending (ONS, Working and Workless Households, 28 August 2013, link).
· New GDP figures show the recovery under the recovery under this Government has been stronger than previously thought. The revised figures from the Office for National Statistics show that under this Government the UK economy has grown 8.1 per cent – up from the 7.0 per cent it was originally thought (ONS, National Accounts changes, 3 September 2014, link).