Banbury Constituency Labour Party

Austerity – The Big Lie

George Osborne is not telling us the truth about Austerity!

Who says? Not a politician, but an independent (crossbench) member of the House of Lords who was once one of the UK’s most respected Senior Servants. Lord Turnbull was formerly Cabinet Secretary and Permanent Secretary at the Treasury and at a Parliamentary Committee session he questioned the Chancellor on his motives:

“When you talk about debt you talk about debt as though it were impoverishing the future”, Lord Turnbull told Osborne.
“The majority of UK debt is owned by UK citizens, who have an asset. They own the gilts. They pay taxes to you obviously, but then they get interest in return. So the idea that this debt is impoverishing people is, I think, an economic fallacy.
I think what you’re doing actually, your real argument, is you want a smaller state. And there are good arguments and some people would agree with that. But you don’t tell people that’s what you’re doing. What you tell them is a story about impoverishment and debt, which I think is a smokescreen. The whole idea of the urgency and extent of reducing debt? I just can’t see a justification for it.”

Lord Turnbull has nailed George Osborne’s objectives. The current financial strategy is not about deficit reduction it is about creating a smaller state – in other words reducing public services. It is as Lord Turnbull says a smokescreen to achieve an ideological objective not a financial objective.

They would have us believe that we need to keep taking the austerity medicine to restore our economy to health; it’s just not true – the Tories are telling lies. In fact there is no justification for the current policy of austerity.
They can fool some of the people some of the time they can’t fool all of the people all of the time.

Labour believes is the time to INVEST in large scale Housing; Energy; Transport & Digital Projects through what is called People’s Quantitative Easing or PQE to achieve growth for the benefit of the nation. This is a strategy which has been backed by significant economic commentators (including the Nobel Prize Winner in Economics, Paul Krugman)
The Conservative agenda will mean there are more homeless people not fewer; more people in poverty not fewer; an economy lacking in investment while at the same time the very wealthy will become even wealthier.

The Labour Party will not allow this lie to go unchallenged and is offering voters a real alternative to the Conservative party propaganda and cuts agenda. Cuts which will mean the reduction of local services as well as selling off the family silver for no significant return. The reality is we will pay more for less.

Successful business people know that cutting costs alone will not turn around a struggling business – a successful strategy needs investment and growth and it most of all it needs the support of its employees (in this case voters). Let’s not forget, 76% of the UK electorate did not vote Conservative in May 2015.

Under Osborne and Cameron, UK plc has adopted a slash and burn approach. It won’t work without inflicting significant pain and removing the opportunity to do the positive things the nation needs. People need more hope than this.

Only LABOUR has committed to real economic growth and rejecting austerity as a failed policy. It is committed to reducing the current deficit but not at the expense of ordinary people.

SUPPORT LABOUR for a different agenda, #NoMoreLies

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