Andrew Gwynne MP has this week spoken against the Tories’ Charter of Budget Responsibility, highlighting to the Chief Secretary to the Treasury it’s lack of support for local businesses around Denton & Reddish, many of which are desperate for investment for growth.
Labour called the Opposition Day Debate in the House of Commons calling on the Government to drop their now discredited Charter for Budget Responsibility: Autumn 2015 update, which requires the government to reach a budget surplus by 2020.
This comes after the Government has missed two of its three targets in March, the Chancellor was forced by the Charter to set a Budget that included cuts in public investment over each of the next three years to meet this budget surplus.
During the debate, Andrew Gwynne MP said:
“Bond yields are at an all time low, private sector growth is not as strong as it ought to be. There are some fantastic projects that are ready to be invested in and companies that are desperate to receive investment. It is now time for the government to redouble it’s effort to refocus it’s economic policy on a programme of investment in growth”
Labour’s Shadow Chancellor, John McDonnell MP, said:
“Austerity left us with a low-productivity, low-investment, high-debt economy. Worse, with Osborne’s recovery built on sand, much of the country simply hasn’t experienced any real improvement in its circumstances. Britain has the worst regional inequality in Europe.
The vote to leave came as a shock to the Westminster political elite because they did not see that for too long our economy worked best for a very few.”