Labour’s £18.5 billion black hole

Today a £18.5 billion black hole was found in Ed Balls’ spending plans – proving that you can’t trust Labour on the economy.

In his speech at the Labour Party Conference, the Shadow Chancellor made £20.4 billion of spending promises:

  • A British Investment Bank: £3.8bn
  • Homebuilding: £10bn
  • A 10p starting rate of income tax: £780m
  • Cutting business rates: £510m
  • A Compulsory Jobs Guarantee: £2.58bn
  • Restoring the spare room subsidy: £465m
  • Repealing the NHS Bill: £1.5bn
  • Extending free childcare: £800m

But set out only £1.9 billion of savings to pay for those promises:

  • Scrapping Police and Crime Commissioners: £50m
  • Capping child benefit: £120m
  • Raising income tax: £110m
  • Cutting ministerial salaries: £0.6m
  • Restricting winter fuel payments: £105m
  • Scrapping the married couples tax allowance: £780m
  • Abolishing employee shareholder status: £45m
  • Reintroducing the Schedule 19 charge for Stamp Duty: 145m

That’s a black hole in Labour’s spending plans of £18.5 billion – which would have to be made up with more borrowing and more taxes on hardworking families.

Labour haven’t changed.

They have no credible plan for the economy – and worse, they’d put the recovery at risk with more inefficient spending, more taxes, and more debt than our children could ever repay.

Only the Conservatives have a long-term economic plan for a healthier economy and a better future.

Share this post on Facebook and Twitter and let everyone know about Ed Balls’ £18.5bn spending black hole – and why we can’t go back to Labour.

Labour’s tax hikes could cost 375,000 jobs

Labour would hit growth and cost jobs.

That’s the verdict of the respected Centre for Policy Studies think tank.

A new CPS report says that Labour’s plans for more taxes could cost the economy £25bn over the next Parliament. (Source: Centre for Policy Studies, The Cost of Labour)

Even more importantly, they say that 375,000 jobs could be lost – leaving hardworking families without the security of a pay packet.

It’s same old Labour. Last time they were in power, they left half-a-million more people unemployed and they’d do the same again.

While Labour would cost jobs, our long-term economic plan has helped create 1.8 million new jobs.

While Labour would lead to financial insecurity for families, our plan is helping more people provide for themselves and their loved ones.

While Labour would put the recovery at risk, our plan is securing a better future for Britain.

That’s why we need to keep working through the plan – and why we can’t go back to Labour.

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5 things you need to know about today’s important jobs figures

The claimant count is down, employment is up, and our long-term economic plan is helping more people find a job and get on in life – as today’s jobs figures show.

1. Claimant count down

For the first time since 2008, the number of people claiming Jobseeker’s Allowance has fallen below one million. Our plan is building a stronger, healthier economy, with fewer people relying on benefits and more having the security of work.

2. Record fall in unemployment

Unemployment is down 468,000 in the last year – the biggest annual fall on record. That’s giving more people the job they need to plan for a brighter future.

3. Employment up

There are now over 1.8m more people in work than in 2010 – that’s 1.8m people with the security of a pay packet to provide for themselves and their families. And there are now a record number of women in work.

4. Record fall in youth unemployment

Youth unemployment is down 213,000 in the last year – the biggest annual fall since records began.

5. Full-time employment up

Full-time employment is up 589,000 in the last year – showing that new jobs are secure and long-term.


Labour left nearly half-a-million more people out of work than when they came into office. Their plans for more ineffective spending, more borrowing and higher taxes would put jobs, the recovery and the security of Britain’s future at risk.

But our long-term economic plan is helping people from all over the UK find a job and get on in life. The plan is working but there’s still more to do.

We now need to finish the job, keep moving towards our target of full employment, and secure a better future for all of Britain.

Share this post on Facebook and Twitter and let everyone know how we’re helping people get into work.

6 things you need to know about Help to Buy

The Conservatives’ Help to Buy scheme is helping families across the country achieve their dream of owning their own home.

Here are 6 things you need to know about the scheme:

  1. It’s helped over 50,000 people buy a home of their own 
  2. 82% of those helped have been first-time buyers
  3. 94% of sales have been outside London
  4. The average price of a house bought is about £187,000 – well below the national average
  5. It’s giving builders the confidence to build – and private sector house-building has increased by 34%
  6. It’s helped create jobs, with the number of workers being taken on in the housing sector increasing at the fastest rate in 17 years

Help to Buy is part of our long-term economic plan to give people more security and a better future – and it’s helped tens of thousands of families and first-time buyers get on the housing ladder and get on in life.

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Backing businesses for a better future

Small business are the lifeblood of the economy – and we’re on their side.

Figures this week show that 20,000 start-up loans, worth over £100m, have been awarded to help new businesses get off the ground.

Start-up loans are helping people build something of their own and create jobs for others. That means a more financially secure future for hardworking taxpayers and their families.

We’re also supporting businesses by:

  • Cutting the jobs tax – saving businesses up to £2,000
  • Doubling rate relief – so 360,000 small businesses pay no rates at all
  • Scrapping red tape – saving businesses £1.5 billion and helping them grow

While Labour hit businesses with higher taxes and more regulations, our long-term economic plan is backing businesses – the key to creating jobs and building a healthier economy.

Only by continuing that plan will we secure a better future for Britain.

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A stronger, healthier economy

The UK’s economy has grown even faster than previously thought, according to the Office for National Statistics – more evidence that our long-term economic plan is working.

The ONS have revised the UK’s GDP figures up by 1% since 2010 – meaning that our economy has grown faster than Germany, France, and any other major economy outside of North America.

A growing economy means more jobs and greater security and peace of mind for hardworking British taxpayers.

We are building a stronger, healthier economy – the deficit has been cut by over a third, there are 400,000 more businesses and 1.8 million more people in work, with the security of a pay packet to provide for their families.

But the job is not yet done.

Under Labour, Britain went through the deepest recession since the War – and the risks to the recovery from Europe and elsewhere remain. That’s why we must continue to work through the long-term economic plan, which is the only way to secure a better and brighter future for people across the country.

Play your part by sharing this important news on Facebook and Twitter today.

Labour admit it: they want to tax your family home

Labour started by claiming their proposed tax on the family home would only hit properties worth £2 million.

But already:

-          Labour MP David Lammy has said homes worth £1 million or less could be taxed

(Source: The Evening Standard, 03/09/14)

-          A senior Labour figure said homes worth £400,000 in the North of England should be hit too

(Source: Claire Reynolds quoted in Sunday Express, 10/08/14)

-          And Labour MP Tessa Jowell has admitted “people would have to move out of their family homes” because of the tax

(Source: The Guardian, 26/11/13)

If Labour get into government, who knows how many hardworking families will be hit by their planned tax on the family home?

Labour simply haven’t learnt their lesson: they taxed hardworking families to the brink last time they were in power – and now they want to do it all over again.

We have to stop them. Share this post on Facebook and Twitter today and let’s stop Ed Miliband getting into No. 10.

£21 billion: the cost of Labour’s summer spending spree

Labour made an incredible £21 billion of unfunded spending commitments over the summer, new analysis has revealed.

In a series of speeches, Labour Ministers made a host of promises - such as more spending on benefits - which would cost hardworking taxpayers £21 billion.

In return, they only set out £105 million worth of savings to pay for them.

Labour simply haven’t learnt their lesson.

After taking Britain’s economy to the brink and opposing every spending reduction we’ve made, they spent the summer racking up billions of pounds more in spending promises.

With eight months to go until the next election, it’s becoming increasingly clear that all Ed Miliband offers is the exactly what got Britain into a mess in the first place: more borrowing, higher taxes and more debt than our children could ever hope to repay.

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Promoted by Alan Mabbutt on behalf of the Conservative Party, both at 4 Matthew Parket Street, London, SW1H 9HQ