Within the space of a month the Tory Government has created a financial crisis that we will all be paying off for years to come because of their so-called mini-Budget. The fact that the Bank of England had to step in with a £65 billion bailout with taxpayers’ money to mitigate the shocking impact of the Tory Government’s ill-thought-through plans is nothing short of a national disgrace.
We know the energy companies have profited from Russia’s invasion of Ukraine, but instead of extending the Windfall Tax, as Labour would, the Tory Government has decided that we must all pay for the energy price cap through national borrowing. The Tories must reverse this damaging Budget or British people will pay more in borrowing costs and further cuts to our vital public services.
Only a Labour Government will put working people first and will pursue a fair and responsible fiscal policy. The last time the economy kept sustained growth was under a Labour Government. Under the Tories, it has flatlined at best. The UK is forecast to have the slowest growth of any major economy next year and the lowest of any G20 economy bar Russia. The Tory Government must stop hiding behind the war in Ukraine and accept the responsibility that they hold for the financial struggles ordinary people are facing with little help.
We need plans for affordable housing. We need to support people to make their homes more energy efficient. This must include improving their insulation to building more renewable energy. We need to stop telling people they need to find better paid jobs and instead pay them fairly for the jobs they are in. Why are we telling people that the essential jobs that they do – cleaners, bus drivers, nurses – that they should get better paid jobs when their jobs are vital for the smooth running of our society.
The entire country is being held back by 12 failed Tory years. Labour has set out a fully-costed future which will see investment into communities like ours. But not just investment. Labour understands that people want more control and say over their lives. That’s why we would create a publicly controlled energy company that will tackle climate change and bring down your bills. No more should we rely on foreign companies when we can do it just as well at home.
The future for our country can be so much more than it currently is.
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