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 News Stories

Children enjoy the Father Christmas parade at Gallions Reach Shopping Centre

It’s beginning to look a lot like Christmas as lights went up across the borough this weekend.

Stratford Centre
The NEC Wheelchair Tennis Masters is coming to the Olympic park this week. Picture: EMPICS Sport/PA Images

It’s your last chance to win tickets to watch the world’s best wheelchair tennis players return to the Olympic park.

Valley Hockey and Tennis Centre
12:42
Young children take to the court at the Disablity Tennis Festival at Lee Valley Hockey and Tennis Centre

The first disability tennis festival for young people has been held in the former Olympic park.

Valley Hockey and Tennis Centre
12:06
Staff and students at Eastlea Community broke the world record

A history lesson involving staff and students from a secondary school has broken the world record for featuring the most multi-national people.

Eastlea Community School

Most read news

Fears over growing extremist threat that is expected to continue for several years.

Once inside, one man held a seven-inch kitchen knife to a victim’s throat while another threatened a second victim with a knife.

His lawyers want the case against him in South Africa dropped.

It’s that time of year again, who do you think should win the Sports Personality of the Year award?

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition