Tuesday 21 March 2017 / 11:06 AM 2017 Press Archive / The Latest from Labour

After seven years of Tory economic failure it is working households and small businesses who are taking the hit – Peter Dowd

Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, responding to this morning’s ONS
statistics showing a 2.3 percent increase in inflation and the national debt at
£1.7 trillion, said:

“Today’s sharp increase in the cost of living means that after
seven years of Tory economic failure, it is working households and small
businesses who are taking the hit with wage growth once again below price
rises. 

“As inflation breaks through the Bank of England’s
target for the first time in more than three years, real earnings are lower
than they were before the crash. At the same time this is a government that is
handing out £70 billion in tax giveaways to the big corporations and the
super-rich, but doing nothing for ordinary working people.

"The national debt is set to hit almost £2 trillion by the end of ten
years of the Tories in government, and our NHS and social care system are in
the worst crisis in their history. Only a Labour government will invest in our
public services, create a fair tax system, and introduce a £10 an hour Real
Living Wage.”