October 30 2014 Latest news:
Mark Shales, Reporter
Thursday, March 20, 2014
East Ham MP Stephen Timms has slammed George Osborne’s 2014 Budget, believing the economy to be in a much worse state than the Chancellor let on
In his penultimate budget speech before the next general election, Mr Osborne announced growth forecasts will rise to 2.7 per cent this year, up from 2.4pc as predicted in December.
Borrowing will be reduced by £13bn next year and the UK is expected be out of the deficit by 2018-19.
But Mr Timms argues the coalition’s sunny outlook is not benefitting everyone.
He said: “George Osborne told the Commons that the economy is performing well but for millions of people across the country still seeing their living standards fall, this is no recovery at all.
“Here in Newham, residents are on average £1,600 a year worse off since David Cameron came to office.
“We now need action to secure a strong, balanced and sustainable recovery that works for the many, not just a few at the top.”
Mr Osborne pledged to champion “the makers, the doers and the savers” of Britain as he outlined the most far-reaching pension reforms since 1921.
The chancellor presented his “budget for savers” with a package of help for pensioners as he revealed the economy is growing faster than expected.
The Chancellor also outlined a range of other measures that included an increase to £10,500 for the tax-free personal allowance and a cut in beer duty by 1p per pint.
Figures released just hours before the his speech showed the unemployment rate steady at 7.2pc for the three months to January, although one in five younger people remain jobless.
Mr Timms added: “Over 900,000 young people are out of work under this Government.
“That’s why last week I launched a compulsory jobs guarantee on a visit to a building site at London Bridge with Ed Miliband and Ed Balls.”