Angela Eagle MP, Labour's Shadow Chief Secretary to the Treasury, said in response to today's public borrowing figures:
"While George Osborne’s deep cuts and tax rises have now started to kick in these disappointing figures show the Government actually borrowed more in the first two months of this year than the first two months of last year.
"This is because, as we have consistently warned, cutting too far and too fast risks a vicious circle. The slower growth and higher unemployment George Osborne’s policies have delivered since his first Budget a year ago are making it harder to get the deficit down. Even before these figures were released the Government was already set to borrow £46 billion more over the coming years than they were expecting last autumn.
"Instead of giving the banks a tax cut this year, George Osborne should repeat the bank bonus tax to get young people back to work, build more affordable homes and support small businesses. Getting people off the dole and into work is, alongside tough decisions on spending and tax, the best way to get the deficit down in the long term.”