Shadow chancellor Ed Balls came out fighting in his response to today’s Spending Review, accusing George Osborne of “failing”.
In his response to Osborne’s speech, he said that despite speaking for over 50 minutes, Osborne had “failed to mention the reason for this spending review today.”
The shadow chancellor said that prices were now rising faster than wages, welfare spending was soaring and he stressed that the economy was flat lining with the slowest recovery for over 100 years.
He added: “Borrowing for last year is not down, but up. This Chancellor has been forced to come to the house today to make more cuts to our public services. Does he recall what he said to this house two years ago?
“More cuts to the police. More cuts to our local services. This out of touch chancellor has failed and families and business are paying the price for this failure.”
Balls asked the chancellor, whether he remembered what he told the House three years ago.
He then went on to pick apart each promise, one by one, stating that Osborne had promised that the economy would grow by 6% but noted it had grown by just 1%.
He also underlined the fact that bank lending was still down month on month and that the UK’s once prized AAA rating has been downgraded not once, but twice.
He added: “He said we are all in this together but then he gave a huge tax cut to millionaires. Failed tests, broken promises. His friends call him George, the president calls him Geoffrey, but everyone else calls him Bungle!”