Ed Balls says that over the past two years, the chancellor was expecting 4.6% growth but has achieved only 0.6% growth, with Britain “falling behind in the global race”.
George Osborne “is not waving, he’s drowning”, Ed Balls told the House of Commons after the chancellor delivered his Autumn Statement.
The chancellor’s statement shows there will be more borrowing this year, next year, the year after, which means higher national debt, Ed Balls said.
He said, “national debt is rising, it is not falling,” and that “ordinary people are being hit hardest”.
“We’ve had the longest double-dip recession since the second world war, now followed by the slowest recovery on record.”
Balls raised the point that UK growth has been much slower than the G20 average.
Balls also called for more details about the government’s figures. “The chancellor failed to give us the cash figures adjusted for borrowing for this year, next year, the year after,” he said.
“The truth is he’s failed on growth and the deficit, and what’s his answer? More of the same.”
