Since 2010 the Government has put in place a responsible, long-term economic plan to turn our economy around and put it on a more sustainable and resilient footing in future. There is more to do, but the latest figures show that the plan is working.
Our plan is on a three point plan. We have cut income tax and fuel duty so that hardworking people are more financially secure. We’ve cut the jobs tax and invested in infrastructure so that it’s easier than ever for businesses to create jobs. These two factors have driven economic growth that allows the third part of our plan to work, we have used the proceeds of growth to reduce the deficit and invest in public services. This has kept mortgage rates low and allowed us to invest in improving schools and hospitals across the country.
Labour’s mismanagement of the banking system and our public finances left the country’s economy in a mess. Britain was borrowing £157 billion a year when Labour left office and unemployment had soared to 8%. In spite of this disastrous record the Labour Party have never apologised for the mess they made, and have never given the slightest suggestion that they would do anything differently next time – they still want high taxes and more wasteful spending.
Britain is now one of the fastest-growing economies in the developed world and according to the CBI, the economy is now growing at its fastest rate since 2003. The enormous black hole in the government’s finances has been reduced by nearly half and Britain is on course to be back in the black by 2018. Even the internationally respected OECD has said that we should stick to our long-term economic plan.