How many more jobs must be lost and businesses go bust before this out of touch Government realises it needs to change tack on the economy?
Last week marked the one-year anniversary of the Government’s Spending Review and the decision to cut the deficit further and faster than any other major economy.
These out of touch, out of date plans simply haven’t worked. The economy hasn’t grown at all in the last year, inflation is soaring and unemployment is at its highest for 17 years.
We need to make this Tory-led Government understand how tough things really are for families, pensioners and businesses.
Labour has called for an Emergency Budget in Parliament to get things back on track. Our 5-point plan for jobs and growth calls for:
1. A £2 billion tax on bank bonuses to fund 100,000 jobs for young people and build 25,000 more affordable homes.
2. Bring forward investment projects like new school buildings.
3. Temporarily reverse the VAT rise – a £450 boost for families with children.
4. Cut VAT on home improvements to 5% for a year. 5. A tax break for every small firm which takes on extra workers.
Our plans would make a real difference in Coventry North East. The tax break for small firms has the potential to benefit approximately 2,095 of our local firms. Good news too for the 21 local schools in Coventry whose building projects were cancelled by the Tory-led Government back in July of last year. If the Government adopted our plan, projects like these could come back on line, creating much-needed local jobs and a stronger future for young people in Coventry.
The Government must accept that its plan for the economy is hurting, but it’s not working. It’s time they got back in touch with the lives of ordinary people and started delivering jobs and growth in Britain.