‘A flat lining Budget from a downgraded Chancellor’

Tom Blenkinsop MP has today (20th March 2013) criticised the Budget delivered by Tory Chancellor George Osborne for failing to deliver the necessary boost to get our economy moving in the right direction.

Tom’s comments came as it was revealed by the Office for Budget Responsibility that “the Government has announced a number of policy measures that are expected to have a broadly neutral fiscal impact in aggregate between 2012-13 and 2017-18, with ‘giveaways’ almost exactly offsetting ‘takeaways’ over this period.”

Tom said:
“Whilst we did see some welcome measures in today’s Budget, such as the cancellation of the fuel and beer duty rise, it is clear that the Chancellor is drowning in an economic mess of his own creation as GDP forecasts were slashed and borrowing is skyrocketing.

“There is absolutely no sense in borrowing for failure and there is no sense in tinkering around the edges. We need investment in infrastructure now not in 2 years’ time and Teesside didn’t need the kick in the teeth that was the loss of the potential Carbon Capture and Storage contract at the Wilton site.

“For three years now we have heard the same rhetoric from Osborne, that the economy is ‘on the right track’ when quite clearly it is not. Growth for this year has been halved to 0.6% and debt is higher in every year of this Parliament than the Chancellor forecast at the last Budget – he is going to borrow £200 billion more than he planned.

“My constituents are struggling now, yet the only people Osborne is fighting for are the millionaires and the hedge fund managers. Today’s Budget was an opportunity to set that right and it was one Osborne missed.”

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