Search

‘No recovery at all’ - East Ham MP Stephen Timms slams Osborne’s Budget

13:55 20 March 2014

MP Stephen Timms

MP Stephen Timms

submitted

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.”

0 comments

Latest Newham News Stories

Yesterday, 17:00

A man who survived five concentration camps will be sharing his story in an event to mark Holocaust Memorial Day.

Newham Council
Yesterday, 12:00

Mental health isn’t a conventional topic for comedy – but then Butterfly isn’t exactly a conventional show.

Yesterday, 09:00

Five years after the Paralympics was hailed as the best games ever, the London Stadium is set to host world-class athletics once more.

Fri, 17:00

The Mayor of London, Sadiq Khan, is inviting independent companies to bid for the right to investigate how conversion costs at the London Stadium were allowed to spiral by £51million since 2015.

Sadiq Khan

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

Competitions

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Read more

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now