Andrew Dismore

The budget announced by Chancellor of the Exchequer Phillip Hammond is a culmination of 7 years of “disastrous economic policies”, according to Labour London Assembly Member for Barnet and Camden Andrew Dismore. The Government failed to meet deficit reduction targets yet again, and will only deliver a surplus budget after 2025, 10 years after they promised to. Growth forecasts have been downgraded and inflation forecasts increased for the next 4 years.

 

3 million families will be up to £2,500 worse off under benefit changes, and there has been a 30% increase in food bank usage in areas where it has been rolled out; and a million children are expected to live in poverty as a result of Universal Credit. There are 300,000 more pensioners in poverty since the 2010.

 

Mr Dismore said:

 

‘The Chancellor refused to implement Labour’s Real Living Wage of £10 per hour by 2020. Real wages are lower than they were in 2010 and 1-in-5 now work a low-wage job. The poor are paying the price of the Conservative austerity agenda.

 

‘The raison d’etre of the Conservative Government was to eliminate the budget deficit by 2015. To say they have spectacularly failed is an understatement. They said Labour’s plans to close the deficit by 2020 was dangerous, but they aren’t going to do it till after 2025. The impact of austerity has stifled growth and caused costs to increase elsewhere, which is why they failed to cut the deficit. Now the economy is barely going to grow over the next four years because of Brexit.

 

‘How many times does it have to be proven that Conservative policies are just not working? It is low and middle income earners who are bearing the brunt. This Government has no credibility left on the economy, and it is time for them to go.’