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Chancellor borrowing three and a half times more than expected to bail out his failed economic plan, says TUC

Commenting on figures from the Office for National Statistics published today (Tuesday) which show government borrowing of £25.1 billion in the financial year to date, TUC General Secretary Frances O’Grady said:

“The Chancellor keeps shifting the goal posts on government borrowing, but over this financial year he is expected to borrow three and a half times more than expected to bail out his failed economic plan – that’s £70bn instead of £20bn.

“After the longest recorded squeeze on living standards, income tax revenues and national insurance receipts are still way down on expectations. With interest rates on government borrowing at rock bottom, this is the perfect opportunity for the Chancellor to invest in skills, infrastructure and much-needed affordable housing. But rather than learning from his mistakes the Chancellor cut back on infrastructure spending in last month’s Budget.

“We need a better plan for sustainable high-productivity growth that will deliver the quality jobs and decent services working people need.”

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