Angela Eagle MP, Labour’s Shadow Chief Secretary to the Treasury, said in response to George Osborne’s Conservative Party Conference speech:
“This hotch-potch of small measures and re-announcements shows how out of touch Ministers still have no idea of the scale of the problem families and businesses are facing right now. Far from riding out the storm, George Osborne ripped out the foundations of the house as the storm was brewing by choking off the British recovery last autumn.
“If the Chancellor was serious about getting the stalled economy moving again, he would adopt one or more of the measures in Labour's five point plan to create jobs, help struggling families and support small businesses. But, by refusing to even consider a change of course, George Osborne has decided to put saving political face and protecting a plan that isn't working above the needs of the country.
“George Osborne has finally admitted that his Project Merlin deal with the banks has failed to increase lending to small businesses, but even Treasury Ministers cannot explain how a policy of ‘credit easing’ would work - so we will wait to see the details.
“It's time David Cameron and George Osborne woke up to the reality of what's happening in our economy. The Tories need to realise that without urgent action to ensure strong growth and get more people in work, paying taxes rather than claiming benefits, they will find it harder and harder to get the deficit down.”