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 stalled.
“Underlying borrowing was £1.3 billion higher last month compared to a year ago and the Government is now set to borrow £245 billion more than planned. This is not more borrowing to invest in creating jobs for the future, but simply to pay for the costs of this government’s economic failure.
“After three years of failure the Chancellor must realise that we need strong and sustained growth to get the deficit down. Alongside sensible spending cuts and tax rises we need a jobs and growth plan, including building thousands of affordable homes and a compulsory jobs guarantee for the long term unemployed.”