It’s time for the Chancellor to come clean about the damage the Tories have done to our economy over the last six years – Rebecca Long-Bailey

[labourpress]

Rebecca Long-Bailey MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the Resolution Foundation report that suggests an £84bn borrowing black hole in the Autumn Statement, said:

“The Resolution Foundation report comes after yesterday’s revelation that Treasury officials are already warning of a £16bn borrowing overshoot based on data from before the referendum, which comes on top of the £7 billion black hole in 2020 left by George Osborne’s car-crash Budget earlier this year.

“It’s time for the Chancellor to come clean about the damage the Tories have done to our economy over the last six years. We were already in a fragile state before Brexit and now their shambolic handling of it is further weakening our economy.

“Labour’s calls for increased investment is underpinned by our Fiscal Credibility Rule that would balance the current budget within five years. It means we are the only UK party proposing a sensible and sustainable management of the public finances, which would allow us to deal with any economic downturn that may arise from Brexit.”