MP, Labour’s Shadow
Chancellor of the Exchequer, responding to the Chancellor’s
Autumn Statement, said:
“Britain is a great country, with fantastic strengths.
“But, because of this government’s mistakes, we are being held
back.
“What people will be asking themselves at the next general
election is this: Am I and my family better off with the Tories?
“And the answer is no.
“The mess we are in is not just a result of 12 weeks of
Conservative chaos but 12 years of Conservative economic failure.
“And all they offer today is more of the same – with working
people paying the price for their failure.
“Labour knows that there are fairer choices to make, and that
what our country needs is a serious long-term plan to get our
economy growing again – powered by the talent and effort of
millions of working people and thousands of businesses.”
*** CHECK AGAINST DELIVERY ***
On global comparisons:
“Britain’s problems started well before the pandemic struck and
Russia invaded Ukraine.
“We are the only G7 country that is still poorer than before the
pandemic.
“As the Governor of the Bank of England told the Treasury Select
Committee yesterday, the US has grown by 4.2% since the pandemic.
“The GDP of Eurozone countries is 2.1% higher, and yet the UK
economy is 0.7% smaller than at the start of the pandemic.
“We aren’t recovering, we’re heading to recession.
“The Governor described this difference as “dramatic” and
“stark”.
“This is the price of a decade of Tory choices and economic
failure.
“And it is set to continue, with the IMF forecasting that the UK
will have the lowest growth of any advanced economy over the next
two years.”
On Labour’s plan for growth:
“Achieving the levels of growth this country needs isn’t like
flicking a switch.
“We need a serious long-term plan to get our economy growing
again – powered by the talent and effort of millions of working
people and thousands of businesses.
“And we need a fairer, greener, and more dynamic economy creating
jobs across every part of the country in homegrown renewables,
green hydrogen, and carbon capture and storage.
“With a modern industrial strategy where government works hand in
hand with business properly fixing business rates so that small
businesses and our high streets thrive again making Brexit work
and ensuring Britain is the best place in the world to start and
grow a business.
“That’s what Labour will do.”
On why low growth is so significant:
“This government has forced our economy into a doom loop - where
low growth leads to higher taxes, lower investment, squeezed
wages and the running down of public services.
“All of which hit growth again. And instead of learning from the
mistakes of the last decade, they’re simply repeating them.
“We need to break free from this vicious cycle of stagnation,
with fairer choices and a proper plan for growth.”
On the government failing to close fossil fuel investment
allowance loopholes in the windfall tax on energy
producers:
“After months of resistance, including from this Prime Minister,
the government has finally been dragged kicking and screaming to
extend the windfall tax that Labour first called for in January.
“The government has announced plans for energy bills next year,
but bill-payers will still see them go up next spring, leaving
far too many people wondering how they’ll make ends meet.
“For every pound of windfall tax left on the table, working
people are forced to pay the price.”
