Ed Balls claimed Labour would need to show ‘iron discipline’ on public spending to match this Government’s 2015/16 plans on current and welfare spending. But he then immediately broke his own promise by committing Labour to £6.47 billion of unfunded spending commitments in just one speech.
This comes in the same week that it was revealed there was a £27.9 billion ‘black hole’ in Labour’s wider spending plans for 2015/16.
Economic Secretary for the Treasury, Sajid Javid, commented:
‘There was nothing new in Ed Balls’ speech – just more debt-funded spending commitments, breaking his own promise to show ‘iron discipline’ on public spending. Coming after this week’s revelation that there is a £27.9 billion black hole in Labour’s spending plans, it’s no wonder nobody trusts Ed Balls or Ed Miliband to take the tough decisions needed to secure a recovery for everyone.
‘Nothing has changed. It’s the same old Labour. They still want more spending, more borrowing and more debt – exactly what got us into a mess in the first place. And it’s hardworking people who would pay the price through higher taxes and higher mortgage rates.’