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28/11/2011
Osbourne To Announce Big Spend For Growth
The Chancellor is to announce a bumper spend on infrastructure in an attempt to kick-start the UK's flat-lining economy.
The multi-billion pound investment programme is expected to put billions into road schemes and rail lines, with those in Newcastle and between Manchester and Leeds thought to be among 40 projects picked.
Most of the money is expected to come from big British pension funds, as well as Chinese investment - however £5bn will come from further spending cuts.
Responding to the news, Rachel Reeves, Labour's Shadow Chief Secretary to the Treasury, said that Labour had been calling for long-term infrastructure projects to be genuinely brought forward.
“Only genuinely additional or brought forward investment in projects that are ‘shovel ready’ would both make an immediate difference to our flatlining economy now and help strengthen the economy for the future.
“We will need to look closely at the detail of this announcement, how it is funded and how it is accounted for. But £1 billion a year paid for by cutting tax credits for working families who are already feeling the squeeze would be neither fair nor help to create the jobs and growth we desperately need right now. It would show how out of touch this Government is with both the cost of living crisis facing families and the scale of the jobs and growth crisis facing our country."
Ms Reeves said that David Cameron and George Osborne needed to realise that without more jobs and strong growth the Government would not succeed in getting the deficit down.
"That's why they're already set to borrow at least £46 billion more than planned - the price of their failed economic plan and the wasted billions of a growing dole queue. It doesn't make economic sense, which is why we need a change of course tomorrow.”
(DW)
The multi-billion pound investment programme is expected to put billions into road schemes and rail lines, with those in Newcastle and between Manchester and Leeds thought to be among 40 projects picked.
Most of the money is expected to come from big British pension funds, as well as Chinese investment - however £5bn will come from further spending cuts.
Responding to the news, Rachel Reeves, Labour's Shadow Chief Secretary to the Treasury, said that Labour had been calling for long-term infrastructure projects to be genuinely brought forward.
“Only genuinely additional or brought forward investment in projects that are ‘shovel ready’ would both make an immediate difference to our flatlining economy now and help strengthen the economy for the future.
“We will need to look closely at the detail of this announcement, how it is funded and how it is accounted for. But £1 billion a year paid for by cutting tax credits for working families who are already feeling the squeeze would be neither fair nor help to create the jobs and growth we desperately need right now. It would show how out of touch this Government is with both the cost of living crisis facing families and the scale of the jobs and growth crisis facing our country."
Ms Reeves said that David Cameron and George Osborne needed to realise that without more jobs and strong growth the Government would not succeed in getting the deficit down.
"That's why they're already set to borrow at least £46 billion more than planned - the price of their failed economic plan and the wasted billions of a growing dole queue. It doesn't make economic sense, which is why we need a change of course tomorrow.”
(DW)
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