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Friday 21st December 2012 | 10:50
Labour press release
Rachel Reeves MP, Labour's shadow chief secretary to the Treasury, responding to today's public sector finance figures, said:
"For all the Chancellor's smoke and mirrors in the autumn statement, these figures show that borrowing is rising and is up by almost 10 per cent so far this year.
"The failure of David Cameron and George Osborne's policies on jobs and growth means they are now even failing on the one test they set themselves – to get the deficit and debt down.
"As a flatlining economy and rising long-term unemployment has sent the welfare bill soaring and tax revenues down the government is borrowing billions more simply to pay for the cost of their economic failure
"By squeezing families and businesses too hard, choking off the recovery and so pushing borrowing up not down, David Cameron and George Osborne's economic plan has completely backfired. And they have decided that millions of striving working families will pay the price for this economic failure with cuts to tax credits and benefits while millionaires get a tax cut.
"We need urgent action and a change of course from this government to create the jobs and growth that are vital to get the deficit down. Unless they do so they will end up borrowing billions more to pay for economic failure and cause long-term damage too."