Borrowing figures confirm Osborne set to break his promise to balance the books by next year

Chris Leslie MP, Labour’s Shadow Chief Secretary to the Treasury, responding to today’s public sector finances, said:

“Today’s public borrowing figures confirm that George Osborne is set to break his promise to balance the books by next year, and on top of that so far this year ...

Chris Leslie MP, Labour's Shadow Treasury Minister, commenting on the detail of the Government's bank levy published today, said:

"On the day we're being told that a tuition fee rise to £9,000 is ‘unavoidable’, the Government has chosen to water down plans for a bank levy ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to the consumer confidence index for March 2011 and today’s Bank of England figures on secured lending to households, said: 

“Today’s figures showing consumer confidence remains in the doldrums after the biggest fall in nearly 20 years, further poor ...

Chris Leslie MP, Labour's Shadow Treasury Minister, said in response to the British Chambers of Commerce’s latest economic forecast:
 
"The British Chambers of Commerce is just the latest major organisation to downgrade their forecasts for economic growth in the UK and continue to predict a rise in unemployment ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, responding to today’s GDP revision, said:

“These figures confirm that after three wasted years of flatlining we finally have some welcome but long overdue growth.

“But for all George Osborne's complacent claims that the economy is now ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to public sector finance figures, said:

“Another month of disappointing figures raises very serious concerns that borrowing continues to be way off track. Instead of the expected surplus in what is usually a good month for the public ...

Labour is today revealing the full scale of the cost of living crisis under David Cameron.

Analysis of historical figures from the Office for National Statistics shows that David Cameron has been in Downing Street for 36 months of falling real wages – more than any Prime Minister on record. And ...

Chris Leslie MP, Labour's Shadow Treasury Minister, commenting on the payday lenders 'summit' tomorrow, said:

“Urgent action is needed to grip the regulation of the payday loan industry, as the number of cases of misery and hardship are growing rapidly because of pressures on living standards and personal finance ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, responding to the Government’s announcements on infrastructure, said:   

“This Government is totally failing to deliver on infrastructure. Just 7 out of 576 projects in the Government’s last plan have been completed and 80 per cent haven’t ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to Danny Alexander's comments on the forthcoming spending review, said: 

“It's totally chaotic for the government to be conducting spending negotiations in public this way, with big departments like defence and work and pensions yet to ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, commenting on the IFS briefing on the forthcoming spending review, said:

“The catastrophic failure of this Government's economic policies is the backdrop to the spending review. Under David Cameron we've had falling living standards and slow growth ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to the OECD's Economic Outlook, said:

“The OECD has once again cut its growth forecasts for the UK economy, warning that youth unemployment is too high and that weak growth means wages are not keeping up with ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to George Osborne's comments on the forthcoming spending review, said:

“This is a spending review David Cameron and George Osborne never wanted or expected to happen.

“They said their plan would balance the books by the next ...

Chris Leslie MP, Labour’s shadow financial secretary to the Treasury, responding to the second estimate of GDP for the first quarter of 2013, said:
 
"These unrevised figures confirm that our flatlining economy is simply back to where it was six months ago. This is now the slowest recovery for ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to today’s public sector finance figures, said:
 
“The Government’s failing economic policies continue to be self-defeating. A flatlining economy and high unemployment means lower tax revenues and more benefits spending, which is why deficit reduction has ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, commenting ahead of the IMF’s visit to Britain and TUC analysis of economic growth in 33 IMF countries, said: 

“George Osborne should not arrogantly dismiss the advice of the IMF team flying into London this week. It’s ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, responding to the PAC report on the National Infrastructure Plan, said:

“Three years into this Government it is worrying that the Public Accounts Committee has questioned the credibility of their National Infrastructure Plan.

“The reality is that deep cuts ...

Chris Leslie MP, Labour’s shadow Treasury minister, responding to today’s announcement on the Funding for Lending scheme, said:

“Despite scheme after scheme – from the failed Project Merlin deal with the banks to credit easing and now Funding for Lending – net lending to businesses has fallen month by month ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to news that the sale of 632 Lloyds Bank branches to the Co-op has fallen through, said:

“This is not only bad news for the Chancellor but for consumers too. We need more competition in the banking sector ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, commenting ahead of tomorrow’s GDP figures, said:
 
“Most independent forecasts suggest this quarter’s GDP figures will show small positive growth. But growth of just 0.3 per cent would simply mean the economy is back to where ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to today’s public sector finance figures, said:
 
“These figures show that the government’s failed economic policies have been totally self-defeating as a flatlining economy has seen deficit reduction grind to a halt.
 
“Underlying borrowing was essentially ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to news that current accounts are to be offered by the Post Office, said:

“It is a sensible move by the Post Office to take on the high street banks – they are a trusted brand but will need to prove they ...

Chris Leslie MP, Labour’s shadow Treasury minister, responding to Resolution Foundation research and commenting ahead of George Osborne’s speech, said:

“George Osborne needs to explain how it can be fair to give a £3 billion tax cut to the very richest, while millions of working families on middle ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, speaking ahead of George Osborne’s speech, said:

“How can George Osborne claim he wants to make work pay when the Government is considering cutting or freezing the minimum wage? His speech will be exposed as totally empty rhetoric if he fails ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to the Financial Policy Committee's comments on bank capital today, said:

“It’s vital that the new Financial Policy Committee focuses closely on the safety and stability of the banking system but they should remember they also ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to the leaked letter from the Treasury to government departments on the forthcoming spending review, said:

“David Cameron and George Osborne never wanted or expected this spending review to happen.

“They said their plan would balance the books by the next ...

Chris Leslie MP, Labour’s shadow Treasury minister, responding to tonight’s decision by Fitch to place the UK on rating watch negative, said:
 
“This is yet another blow to a downgraded Chancellor who made keeping the confidence of the credit rating agencies the number one test of his economic ...

Chris Leslie MP, Labour's Shadow Treasury Minister, commenting on government borrowing figures, said:

“Whatever smoke and mirrors George Osborne uses - including a desperate attempt to delay payments to international institutions so they appear in next year's figures - he cannot hide from the bigger picture of his economic failure ...

Chris Leslie MP, Labour's Shadow Treasury Minister, responding to government announcements on public spending today, said: 

"An increase in capital spending of just £2.5 billion compares to deep cuts of £12.8 billion to infrastructure investment in the last three years on the plans George Osborne inherited.  

"If ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to this afternoon’s House of Commons vote on the mansion tax, said:

“The Lib Dems have not only failed to support a straightforward motion calling for their flagship policy of a mansion tax, they actually voted against it. Instead they ...

Chris Leslie MP, Labour’s shadow Treasury minister, in response to Vince Cable’s statement on Labour’s mansion tax motion, said:  

“It would be astonishing if the Liberal Democrats failed to back a straightforward motion supporting their long-held policy of a mansion tax on properties over £2 million.  

“The ...

This afternoon Labour publish the motion for Tuesday's House of Commons vote on the Mansion Tax and challenge the Lib Dems to back it.

The Lib Dems have repeatedly said they support a Mansion Tax. On Tuesday the Lib Dems will be judged on what they do, not what ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, commenting on the OFT’s report on payday lenders and the Government’s response, said:
 
"This is a damning report on the payday loan industry which the OFT finds has caused ‘misery and hardship’ and has more than doubled ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, in response to Vince Cable’s essay in the New Statesman, said:
 
“Vince Cable may at last be seeing sense. He is right to admit that there have been economic consequences to deep cuts to capital investment. But he ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to RBS' results, said:

“The timing of the return of RBS to the private sector is a decision for Ministers, but it must be based on the best long-term interests of the taxpayer not driven by George Osborne ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to today's public sector finance figures, said: 

“Strip away the smoke and mirrors, like the transfer of cash from the Bank of England, and underlying borrowing so far this year is rising and is £5.3 billion ...

Chris Leslie MP, Labour's Shadow Treasury Minister, speaking ahead of an expected George Osborne speech responding to the Tyrie Report on banking said:
 
"Last year both Labour and The Parliamentary Commission on Banking Standards called for legislation for a backstop power keeping open the option to fully separate retail ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, reacting to the FSA compensation scheme established for firms mis-sold interest rate hedging products, said:

“Small businesses have been let down badly by the big banks – and the Government must act to ensure they get a better deal. The revelation that banks ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, commenting on reports of bonus payments expected at UK banks, said:

“While our economy is shrinking and the Government cuts tax credits for working families it looks set to be another bumper bonus round for bankers. There should be fair rewards for ...

Chris Leslie MP, Labour's Shadow Treasury Minister, responding to reports that Goldman Sachs has decided not to defer this year's bonus payments until after the top rate of income tax is cut on 6 April, said:

“Goldman Sachs has made the right decision, but the fact remains that ...

Chris Leslie MP, Labour's Shadow Treasury Minister, responding to reports that banks are considering delaying bonus payments in order to benefit from the cut in the 50p top rate of tax this April, said:

“Banks need to think carefully about their own reputations if they seek to avoid tax ...

Chris Leslie MP, Labour's shadow Treasury minister, responding to news that only 200,000 out of the 1.2 million families no longer eligible for any child benefit have opted to no longer it, said:

"These figures mean up to a million families now face having all their child ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, commenting on today's analysis by the Institute for Fiscal Studies on the Government's child benefit changes, said:

“This latest analysis from the Institute for Fiscal Studies highlights the massive complexity of this unfair policy. Following the news this week that ...

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, commenting on HSBC’s $1.9 billion with US regulators over money laundering allegations, said: 

“This unprecedented fine reflects the seriousness of the US Senate’s findings that HSBC allowed money laundering by drug cartels and terrorists to take ...

Chris Leslie MP, Labour’s Shadow Treasury Minister, responding to the Treasury’s announcement on Northern Rock today and BBC reports that the Treasury knew about the problem in October, said:

“George Osborne’s smoke and mirrors in last week’s Autumn Statement continue to be exposed.

“First we found ...

Chris Leslie MP, Labour’s Shadow Treasury minister, responding to Bank of England statistics on the Funding for Lending scheme, said:
 
“It’s disappointing that the Funding for Lending scheme has not yet had more impact. In the last quarter overall net lending is up by less than £500 million ...

Chris Leslie MP, Labour's Shadow Financial Secretary to the Treasury, responding to reports that Ministers are about to concede the principle of Labour’s amendment on tougher regulation of payday lending and high cost credit, said:

“In the face of certain defeat in the Lords, the Treasury have been ...

Chris Leslie MP, Labour's shadow Treasury minister, responding to the IFS report ahead of the autumn statement, said:

"David Cameron and George Osborne claimed their deeper spending cuts and faster tax rises would secure the recovery and balance the books by 2015. But by choking off the recovery and ...

Chris Leslie MP, Labour’s shadow Treasury minister, responding to the Chancellor’s comments before the Parliamentary Commission on Banking Standards, said: 

“George Osborne shouldn’t be telling this independent commission what it should or shouldn’t look at. 

“He is wrong to claim there is a cross-party consensus on ...

Chris Leslie MP, Labour's Shadow Treasury Minister, said in response to today’s OFT report into payday loans:

"Ministers have prevaricated while vulnerable people have been charged incredible rates of interest as they struggle to make ends meet. The Government should have accepted Labour's amendment to the Financial ...