Rachel Reeves MP, Labour's Shadow Chief Secretary to the Treasury, responding to today's public sector finance figures, said:
“David Cameron and George Osborne’s economic plan is hurting, but it’s not working. Their failure on jobs and growth means they are now failing on the one test they set themselves – to get the deficit and debt down.
“Borrowing is rising and is over £7 billion higher than at the same point last year. And this is borrowing to pay for economic failure as a flatlining economy and rising long-term unemployment have sent the welfare bill soaring and tax revenues have been revised down.
“By squeezing families and businesses too hard, choking off the recovery and so pushing borrowing up not down, the government’s economic policies have badly backfired. But David Cameron and George Osborne have decided that millions of working families will pay the price with further cuts to tax credits and benefits while millionaires get a tax cut.
“We urgently need a change of course from this Government to create the jobs and growth that are vital to get the deficit down. Clinging on to this failing plan will cause long-term damage to our economy and mean more borrowing and more debt to pay for economic failure.”