Osborne borrowing three and a half times more than expected to bail out his failed economic plan, says TUC

19 June 2015

Commenting on the publication today (Friday) of figures showing government borrowing of £16.4 billion in the financial year to date, TUC General Secretary Frances O’Grady said:

“Instead of borrowing for investment, this year the Chancellor is likely to borrow three and a half times more than expected to bail out his failed economic plan – that’s £75bn instead of £20bn.

“Even though this week brought better news on pay packets, after the longest recorded squeeze on living standards, income tax revenues and national insurance receipts are still way down on expectations.

“With interest rates on government borrowing at rock bottom, this is the perfect opportunity for the Chancellor to invest in skills, infrastructure and much-needed affordable housing.

“But rather than learning from his mistakes, the Chancellor is about to embark upon a fresh round of savage cuts. We need a better plan for sustainable high-productivity growth that will deliver the quality jobs and decent services working people need.”

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