Tory policies ‘cost UK £116.5bn’ – ITV News

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The “abject failure” of the Government’s economic policies has cost the Exchequer tens of billions of pounds in lost revenues, Ed Miliband has claimed – as reported by ITV News.

The Labour leader released figures from the independent House of Commons Library which, it said, showed that lower- than-expected tax receipts and ballooning social security payments had cost £116.5 billion over the course of the parliament.

The party said the loss was the equivalent of almost £4,000 for every taxpayer – resulting in higher borrowing and the failure of Chancellor George Osborne to meet his promise to clear the deficit by the time of the general election in May.

According to the figures – released ahead of Mr Osborne’s set-piece Autumn Statement on Wednesday – income tax receipts were £66 billion lower than forecast, national insurance contributions were down £25.5 billion while social security spending is £25 billion higher than originally planned.

Read more on the ITV News website.

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7 thoughts on “Tory policies ‘cost UK £116.5bn’ – ITV News

  1. Mr.Angry

    Well there’s a surprise, they could not run a car boot sale, clueless out of touch morons.

    They are to busy seeing what they can make out of the NHS for themselves amongst other things they are selling off.

    HS2 railway !!! jokers at our expense

  2. Jonathan Wilson

    While true, this is a very dangerous game to play. All the cons have to do is ask “so how much would you borrow?” “would you commit to the same levels of spending?”

    … knowing full well that any response that hinted at more spending/borrowing would allow them to wipe the floor with it “oh so you’d….” “bad at the economy…” etc.

    If/After they get in in 2015, the slightest increase in borrowing/debt/deficit would then be used as a stick throughout the term and then used to crawl back into gov in 5 years time and finish the job under “austerity max.”

    That said… if they, Labour, can show that every bit of extra borrowing has been for a good cause (social housing/nurses/police/NHS/etc.) or has helped the economy (increase in GDP/higher spending power of “the man in the street” [not specifically tax cuts]/HMRC clamping down on “agressive” tax avoidence/legislation to stop “transfer pricing” etc.) then it could at a pinch make a reasonable argument that increased borrowing “now” will over time reduce borrowing through greater tax receipts/reduced housing benefit spend/etc. “later.”

    It also needs once and for all to quash the stupid idea that 1, we can go bankrupt (although there is nothing to stop the UK defaulting) 2, government accounting is anything like a household budget, 3, that the conservatives are better at the economy… although on the latter I think Giddiot has helped increase the GDP by 1.7 billion though the amount of scratch and sniff he consumes before PMQ’s all on his own.

    1. Mike Sivier Post author

      All anyone really has to say in response is, “I don’t accept the premise of your question. Why do you think I would do anything in the same way as you?”

  3. David

    Lower tax receipts isn’t a problem for the Tories – they don’t believe in funding public services anyway! Less tax receipts – more excuses for selling off and cutting our services – all part of the masterplan!

Comments are closed.