The Chancellor of the Exchequer’s Autumn Statement on the economy drew a sharp response from Dagenham and Rainham’s Labour MP, Jon Cruddas.
Jon commented “Thirteen years of economic failure under the Conservatives means working people are worse off today. The claims about halving inflation from this Government ignores the fact that prices are still rising in the shops, energy bills are up and mortgage payments are higher after the Conservatives crashed the economy. The 25 Tory tax rises since 2019 are the clearest sign of economic failure, with households paying £4,000 more in tax each year than they did in 2010. Nothing in the Chancellor’s statement wipes out their appalling record.
“Whilst the cut to National Insurance is welcome, when coupled with the freeze in tax thresholds all that is on offer is a smoke and mirrors statement which shapes up to little more than a stealth tax on working people. The Institute for Fiscal Studies have called this budget ‘relatively regressive’ as millions of people on an average full time earning will gain less from cutting tax than they would from a shift in tax banding.
“After thirteen years and countless budget statements public services in Britain are on their knees. According to the Office for Budget Responsibility the ‘responsible approach’ announced this week by Jeremy Hunt will result in a £19bn reduction in investment for public services after accounting for inflation. Given the NHS and social care backlogs, lack of investment in criminal justice, failures in fair funding for education and crumbling schools this doesn’t sound like a responsible approach at all.”
Jon went on to say “Labour’s Better Off Plan to cut household bills by up to £3,000 a year over the next decade is the real way forward. By insulating homes, delivering Great British Energy, cracking down on unfair car insurance practices, and bringing down mortgage bills, Labour is offering a truly responsible approach to economic security. People in Dagenham & Rainham desperately need a general election, and a subsequent Labour Government that will put money in their pockets and get Britain’s future back.”