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Lifting the Lid on Thirteen Years of Tory Economic Failure

Yesterday’s Autumn Statement lifted the lid on thirteen years of Conservative economic failure. We were told to expect an Autumn Statement for growth, but growth has been revised down next year the year after and the year after that too.

Under the Conservatives, the tax burden is set to increase by £4,300 per household, and the freeze in the personal allowance threshold means a couple on an average wage will still be £350 worse off per year, even after today’s announcements.

Prices are still rising in the shops and mortgage payments are higher after the Conservatives crashed the economy last Autumn. And today we have seen that the energy price cap is going to rise by 5% from January – an average increase of £94, putting even more pressure on already stretched household budgets.

After thirteen years of the Conservative the economy simply isn’t working. And, despite all the promises today, working people are still worse off.

Labour’s Better off Plan to cut household bills by up to £3,000 a year over the next decade.

  • £500 a year by insulating homes to make them more energy efficient.
  • £900 a year by building cheaper, cleaner power across the country through the creation of Great British Energy, a new, publicly-owned clean generation company.
  • £400 a year by cracking down on unfair car insurance practices like subscription traps and unfair postcode pricing.
  • £1,200 a year on mortgage bills by building 1.5 million homes over a Parliament to keep housing affordable.

It is clear that Labour is now the party of fiscal responsibility; we are the party of business and we are the only party with a plan to make households better off.

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