Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to George Osborne's speech to the Conservative Party conference, said:
“George Osborne’s speech shows he is in complete denial about the failure of his plan.
“His defensive speech didn't once mention that his policies have seen a double dip recession, one million young people out of work and, as a result, the deficit going up by 22 per cent so far this year. And he failed to mention growth or set out any policies to deliver the jobs and growth we need to get the deficit down.
“The reason why George Osborne has been forced to talk about billions more cuts into the next Parliament is because his failure to deliver economic growth means he will break his promise to balance the books by 2015. There do need to be savings in the welfare budget, but the benefits bill is soaring under this Government because unemployment is so high.
“He will never be a One Nation Chancellor when he is pressing ahead with a tax cut for millionaires while asking millions of pensioners and families to pay more. And while he talked about work incentives his deep cuts to tax credits have left thousands of working parents better off if they quit their jobs.”