Labour accuse Tories of repeatedly breaking economic rules and ‘holding back’ Britain’s potential

LABOUR has accused the Conservatives of “holding back” Britain’s potential and says they have “no claim as a party of economic responsibility” after breaking their own economic rules.

The party highlighted that the Office for Budget Responsibility (OBR) had forecast stagnant growth following the Autumn Statement, with standards of living worse at the end of this parliament than at the start.

And Labour criticised the Conservatives for breaking their own fiscal rules 11 times since they arrived in government. 

It said the Tories targeted a decrease in debt as a share of GDP by 2016-2017, but debt rose as a share GDP in 2016-17 and after was rising again by 2019-20.

And the Conservatives are also accused of breaking a string of promises on public-sector borrowing.

The first debates over the Autumn Statement are set to begin today amid a high rate of tax and fears about the condition of Britain’s economy.

Labour’s shadow chief secretary to the Treasury Pat McFadden said that “because of this government’s choices, we are being held back.”

He said: “What people will be asking themselves at the next general election is this: are I and my family better off with the Tories? The answer is no. 

“The Conservatives’ fiscal rules aren’t worth the paper they are written on. 

“Not only have the Tories spent 12 years badly weakening our economy, they crashed it in the middle of a cost-of-living crisis and left working people paying the price. 

“They have no claim as a party of economic responsibility.”