Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to reports that George Osborne may break his debt rule and exchanges at Prime Minister’s Questions, said:
“It’s very revealing that David Cameron repeatedly refused to say that the Government will meet its target to get national debt falling by the time of the next election.
“The reason why the Government have already broken their pledge to balance the books by 2015, and now also risk missing their debt target, is because their economic plan has failed. As we warned, the Government’s policies have proved to be self-defeating with the double-dip recession leading to borrowing going up by a quarter so far this year.
“David Cameron and George Osborne are learning the hard way that you need growth and jobs to get deficits and debts down. Rather than clinging on to his failing plan until December’s autumn statement in the hope that something turns up, the Chancellor should change course now before more long-term damage is done to our economy.”