From last week’s Pre Budget Report it’s clear that Labour is the only party in British politics that puts securing the recovery first, and the only party which supported investment to stimulate economic growth during the downturn. We’ll continue support to keep people in work and in their homes by guaranteeing every young person out of work for more than six months the offer of a job, training or college place, and maintaining our support for people who lose their job to keep their homes.
 
And we will continue support to businesses by pressing the banks to start lending more and helping businesses to defer their tax payments until they can better afford to pay.
 
We’re the only party with a proper plan to halve the deficit, through a tax rise package that is tough but fair – with half of the burden falling on the wealthiest 2% – and a spending cut package that has been carefully worked through, including restricting public sector pay settlements and new efficiency savings of £12bn per year.
 
And because we have taken those tough choices on spending and on tax, we can continue to protect our frontline public services. Even in tough times, we will protect investment in the NHS, schools and police over the next 3 years. This builds on our progress over the last twelve years.
 
This is in stark contrast to the Tories. The Conservatives want to cut back too fast, too soon, putting the recovery at risk. They would cut vital public services like Sure Start and education but still give inheritance tax cuts to millionaires.
 
And they refuse to say how they would halve the deficit.  We’ve worked out that if they tried to do it faster than we’ve proposed – in three years not four, they’d have to find an extra £26 billion – that’s half the schools budget or 5.5p on VAT.
 
Their plans would make the recession last longer leading to misery for ordinary people.  I want to see the recovery happening sooner rather than later so that next Christmas we are firmly on the path to economic prosperity again.