News from The Labour Party

“David Cameron and George Osborne have made a total mess of our economy”

In a speech to Labour’s West Midlands regional conference in Coventry this morning, Labour Leader Ed Miliband said:

It is time David Cameron and George Osborne started taking responsibility for what is happening in the British economy.

There is an urgent and pressing need for the crisis in the eurozone to be resolved.

But when people’s jobs, homes and businesses are in jeopardy it is not enough for the Prime Minister and the Chancellor to use the eurozone crisis as a cloak to hide their lack of action.

They made a fundamental mistake in choking off our economy a year ago by cutting spending and raising taxes too far and too fast.

It has meant that for the last year, Britain has had the lowest growth of any of the major world economies except earthquake-hit Japan.

Unemployment has soared to a 17 year high and we now have almost one million young people out of work.

They have done nothing as the economy flatlined.

Now they are making a second fundamental mistake by blaming the eurozone crisis for our economic emergency and using that as an excuse for doing nothing.

Our growth stalled and problems started before the eurozone crisis escalated.

But David Cameron and George Osborne are still sitting on their hands at home refusing to admit they are wrong.

David Cameron and George Osborne – and yes, Nick Clegg too – have made terrible misjudgments that will cost Britain and British families dearly.

Their mistakes could cost millions of people’s livelihoods and jobs. They could cost our children’s futures.

They have shown themselves to be deeply out of touch with the needs of British business and British families who are crying out for a proper plan for growth and jobs.

That’s what Ed Balls and I have set out. Labour’s clear five-point plan would create jobs, help struggling families and support small businesses.

Our jobs plan includes tax breaks for small businesses taking on extra workers, a temporary VAT cut which would give families a boost of around £450 and tax on bank bonuses to fund 100,000 jobs for young people.

David Cameron and George Osborne have made a total mess of our economy.

They now have a chance to change course.

The Autumn Statement from the Chancellor is that chance.

I’m not interested in being proved right.

I’m interested in them doing the right thing by the country.

Other news from The Labour Party

• Compassionate Conservatism is dead. Contemptuous Conservatism has taken its place - 16 May 2012
• Jim Murphy: "The cyber threat can hurt the very fabric of our society" - 16 May 2012
• Yvette Cooper: "Cutting 16,000 officers is criminal" - 16 May 2012