Mr Osborne along with other Conservatives, have claimed that the deficit has been cut by a third. Now a percentage of GDP they're right it has. However as Mr Osborne's figures yesterday show that in monetary terms the deficit hasn't fallen by a third as to of done that it would of had to of fallen by £53bn but as the Chancellor confirmed yesterday the deficit has fallen by £41bn which is just over a quarter.
Commenting on the spending review and the government's economic policy the Shadow Chief Secretary Chris Leslie said: "This spending review is happening because David Cameron and George Osborne’s economic plan has failed. Three years of falling living standards and a flatlining economy has led to billions more borrowing to pay for economic failure. Far from balancing the books by 2015, as the government promised, the Chancellor is being forced to make even more cuts.
Continuing Mr Leslie said: "Instead of simply planning more cuts two years ahead, this spending review should heed the IMF’s advice and act to boost jobs, growth and living standards this year and next. More growth now would bring in more tax revenues and mean our public services would not face such deep cuts in 2015. But if David Cameron and George Osborne carry on with the same failing policies, Labour will have to deal with a difficult situation after the next election. We will need to root out waste and have an iron discipline on public spending, but we will make different choices so that we can turn our economy around and get the deficit down in a fairer way."
Commenting on the spending review and the government's economic policy the Shadow Chief Secretary Chris Leslie said: "This spending review is happening because David Cameron and George Osborne’s economic plan has failed. Three years of falling living standards and a flatlining economy has led to billions more borrowing to pay for economic failure. Far from balancing the books by 2015, as the government promised, the Chancellor is being forced to make even more cuts.
Continuing Mr Leslie said: "Instead of simply planning more cuts two years ahead, this spending review should heed the IMF’s advice and act to boost jobs, growth and living standards this year and next. More growth now would bring in more tax revenues and mean our public services would not face such deep cuts in 2015. But if David Cameron and George Osborne carry on with the same failing policies, Labour will have to deal with a difficult situation after the next election. We will need to root out waste and have an iron discipline on public spending, but we will make different choices so that we can turn our economy around and get the deficit down in a fairer way."
