Family finances doing much worse under Tories than when Labour was in power
The Tories have sunk to their lowest ever poll rating as Labour warns they have driven the economy “into a dead end”.
Ahead of the Budget on Wednesday, the Government’s dismal record on boosting family finances has been exposed. Figures show that household incomes have risen slower under the Conservatives than when Tony Blair and Gordon Brown were in No10.
Between 1997 and 2010, the average disposable income went up from £1,219 per month to £1,568 in real terms, which was a 28.6% increase. In the 13 years since then, it grew by just 11% to £1,746.
Darren Jones, Labour’s Shadow Chief Secretary to the Treasury, said: “The Conservatives’ record on the economy is in tatters, with higher debt, higher taxes and lower growth the defining hallmark of their rule. By contrast, the former Labour Government oversaw a huge boost in the growth of working people’s average incomes, meaning more money in pockets at the end of each week.
“It doesn’t have to be this way. A Labour Government would reverse the Tories’ national decline by creating decent jobs, building 1.5 million new homes and strengthening our communities by building the industries we need for the future."
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It comes as the Conservatives suffered a poll humiliation on the eve of the Budget as their support fell to just 20% in an Ipsos survey. That is the lowest figure it has recorded since it began its regular polling in 1978. It puts Rishi Sunak’s party 27 points behind Labour.
Chancellor Jeremy Hunt is plotting a raid on the public sector in a desperate last ditch bid to find the cash to pay for tax cuts. He is thought to be trying to scrape together the money to take 2p off National Insurance. Mr Hunt did the same in the Autumn Statement in November, but it failed to move the polls. The levy on wages was previously hiked to its highest ever level when Mr Sunak was Chancellor.
In a speech on Monday, Labour’s Liz Kendall said: “Whatever Mr Hunt announces, it won’t make up for 14 years of economic failure under this Conservative government. They claim the economy has turned a corner, but they’ve driven it into a dead end.”
The Shadow Work and Pensions Secretary added: “Our economy [is] smaller now than when the Prime Minister first entered Downing Street. The biggest hit to living standards on record. The highest tax burden for 70 years. More foodbanks than police stations. Public services on their knees. People in this country don’t need statistics to tell them the state we are in or that they’re paying more but getting less.”
Mr Hunt suggested that a more “efficient” public sector could give him greater scope for tax cuts. The Chancellor said: "We do want to move to a lower taxed economy, but we're only going to do so in a way that is responsible and recognises that there are things that taxes pay for, that we couldn't cut taxes by borrowing.
"We'll do so in a responsible way. But if we can spend money on public services more efficiently then that will mean less pressure on taxpayers."
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