The following is a short extract from his speech but it is recommended reading because it is an important public announcement about Labour’s policy development on the run up to the General Election in 2015.
“My job is to make sure that we have a plan to grow the economy and get the deficit down. With tough decisions and by investing in the future we can do this.
And set the country in a different direction from this government.
– not giving the banks a tax cut, but putting a tax on bankers bonuses to get young people back to work;
– not attacking those who cannot find work, but making sure the long-term jobless are given a guaranteed job which they will have to take up or face losing benefits;
– not giving tax cuts to the richest, but keeping the 50p tax rate now and supporting working families by not going ahead this year with real terms cut to tax credits;
– and not wasting money fragmenting the NHS, and other services, or on vanity schools projects, but focusing on the real needs in adult social care and primary school places – and bringing public services together to save money and improve services.
How Labour responds will shape not just the politics of the general election but our economic future and the cohesion of our country over the next decade.
The British people know that George Osborne’s austerity economics has failed. They are worse off, growth has stalled, investment has fallen and the deficit is not coming down.
And that Labour will take a tough and fair approach to deficit reduction.
This is what we mean by striking the right balance for the British economy:
– Action now to raise living standards, growth and long-term investment;
– Bringing down the deficit steadily, with an iron discipline on spending control;
– Making sure ordinary people do not carry the burden of meeting fiscal targets and ensuring those with the broadest shoulders bear their fair share.
Where this government’s failure on growth and jobs has led to their failure on living standards and on the deficit, the next Labour government will get things back on track to finish the job.”