Denton and Reddish MP, Andrew Gwynne, has attacked the Government as the Chancellor revealed no action to tackle the growing cost of living crisis.
Failed Tory austerity has produced a low-wage, low-investment, high-debt economy in which productivity is stagnating.
Annual food prices rose to the highest level in four years, up 4.2% last month in contrast to a 3.4% rise in September. Electricity, gas and other fuels also pushed 1.3% higher on a monthly basis, compared to 0.6% a year ago.
Sadly, people’s wages are falling and are lower today than they were in 2010. With housing costs and energy bills rising as well as inflation again outstripping wage rises personal debt levels have continued to rise with the financial sector regulator, the FCA and the Bank of England all warning of the risks of rising debt to the economy with 8.3 million people are over-indebted.
Labour believes that this cost of living crisis is a political choice and instead by ending the public sector pay cap for the whole of the public sector as well as reversing Universal Credit roll-out and introducing a real living wage and energy cap we can begin to turn the tide and ease the burden on families.
Following the Budget statement, Andrew Gwynne MP said:
“The Chancellor has already shown he doesn’t live in the real world. That’s why the Autumn Budget needed to offer a real change of direction in economic policy.
“If Philip Hammond can continue to find money in the Budget for tax giveaways worth billions for the super-rich and big business, then he could have properly funded our public services and public sector workers which would help millions with the cost of living crisis.
“Today the Chancellor showed that yet again austerity is a political choice, not an economic necessity.”