Winter Economy Plan – Summary
September 28, 2020
Chancellor George Osborne has insisted that the Government will not deviate from its economic policy, despite the recovery taking longer than planned.
Speaking at the CBI’s annual dinner, Osborne said the Government had made ‘substantive, real progress,’ reducing the deficit by a third and creating 1.2 million private sector jobs.
‘Now is not the time to lose our nerve,’ he told business leaders. ‘Let’s not listen to those who would take us back to square one. Let’s carry on doing what is right for Britain. Let’s see this through.’
The Chancellor rejected Labour’s calls for a temporary cut in VAT and described the opposition’s plans for a short term boost in spending as ‘ludicrous’.
Yet Chris Leslie, a Labour Treasury spokesman, argued that Osborne was ‘in total denial about the failure of his economic plan’.
‘He has now delivered the slowest recovery for 100 years, falling living standards and rising unemployment. And borrowing is set to be £245 billion more than planned to pay for the costs of this economic failure,’ he said.
‘If we’re to have a strong and sustained recovery, and catch up all the ground we have lost over the last three years, we need urgent action to kickstart our economy now and reforms to strengthen it for the long-term’.