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Monday 31st December 2012 | 06:29
Labour press release
Rachel Reeves MP, Labour's shadow chief secretary to the Treasury, commenting on news that the Conservative-led Government would break
Labour's 2010 Fiscal Responsibility Act to halve the deficit, said:
"David Cameron and George Osborne tore up Labour's plan to halve the deficit over four years and gambled that deeper and faster tax rises and
spending cuts would secure the recovery and get the deficit down.
"But this has totally backfired as, by choking off the recovery and pushing up long term unemployment, they are now set to borrow £212 billion more
than planned to pay for the costs of economic failure.
"Not only are they now breaking their own fiscal rules, but they are also set to break the commitment Labour made in law to halve the deficit by
2014. It’s no wonder they repealed Labour’s 2010 Fiscal Responsibility Act.
"The Government needs to finally realise that only a steady and balanced plan that puts jobs and growth first will successfully get the deficit down
and do so in a fair way."