Following today’s Autumn Statement delivered by the Chancellor George Osborne, Teresa said:
“The Autumn Statement has made two things very clear: the Government’s economic policy of austerity is failing, and the wrong people are being made to pay for the economic crisis.
“Forecasts for the economy have had to be downgraded because spending cuts and austerity haven’t worked. Instead they’ve made our economy shrink, have put more people out of work and have meant less tax money coming in.
“The Chancellor likes to say we are all in it together, but the Treasury’s own analysis shows that the bottom 30% will lose double what the top 30% will under plans in the Autumn Statement. Everyone will be worse off, but it is the poorest who will be hit hardest – the very people he pretends to be trying to help.
“The Chancellor has tried to frame the statement as being good for ‘strivers’, whilst being tough on ‘shirkers’ through a three year below-inflation rise in benefits. But this cut will not only affect people who are looking for work in what has become a very difficult job market – about 60% of the benefit cuts will also hit working people.
“What this country needs is an economic strategy that will create good jobs, increase tax revenue and provide help for people who are struggling just to make ends meet. Sadly this Autumn Statement will do none of those things.”