LABOUR’S £18.5 BILLION BLACK HOLE

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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 Chancellormade £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 to let everyone know about Ed Balls’ £18.5bn spending black hole – and why we can’t go back to Labour.

Wisbech & District Conservatives
Wisbech & District Conservative Branch cover all the Wisbech wards except Hill & Staithe, which has it's own branch. We are local Conservatives working together for our town and our community. Come and join us!

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