On Wednesday 15^th March 2023, the Chancellor of the Exchequer, outlined the Spring Budget to the House of Commons.

Swansea West MP, Geraint Davies, highlighted the failure of the Conservative Government to address the issues and unlock Britain’s promise and potential. But instead, the Tories decided to continue papering over the cracks of 13 years of economic failure.

Geraint Davies MP said:

“This is a terrible Budget from a busted-flush Government. We have heard from the other side, ‘Give them another chance—the new Tory dynamic duo of Rishi and Jezza.’ They certainly talk the talk on growth, debt, inflation and the NHS, but do they walk the walk? The answer is no.”

With the next UK Labour Government’s mission to secure the highest sustained growth in the G7, we will create good jobs and productivity growth across every part of our country. Where the government has thrown in the towel, Labour will build a better Britain.

Geraint Davies MP said:

“We have seen stagnant growth for 13 years, with no real prospect of it being any better than the worst in the G7 in the year to come. Let us compare that with what happened under a Labour Government. In 10 years, we saw the economy grow by 40%, and we used the money to double investment in health and education and lift a million children and a million pensioners out of poverty. With that trend growth we would have been £11,000 better off in terms of average wages.

What about debt? Since the last Labour Government, debt as a share of the economy has doubled from 45% of the economy to 90%. That is an appalling record, and an indictment of this Government’s failed austerity platform.”

Despite all the Chancellor’s claims, the OBR downgraded the UK’s long-term growth forecasts, with downgrades in all the last three years of the forecast period.

The OECD have confirmed that the UK will be the weakest economy in the G7 this year, the only country that will see negative growth. No other G20 economy other than Russia is forecast to shrink this year.

The UK has already had the weakest recovery from the pandemic, with the economy still smaller than it was prior to the pandemic.

Britain cannot afford the Tories anymore.