Osborne’s record in tatters as public borrowing surges...

Osborne’s record in tatters as public borrowing surges, warns Unite

21 October 2014

George Osborne’s record lies in tatters claimed Britain’s largest union Unite today (Tuesday 21 October), as it warned that borrowing would have to be cut by 37 per cent for the chancellor to meet his target for the year.

Today’s data from the Office for National Statistics (ONS) showed revenues from income and wealth taxes stalling as living standards continue to tumble and the recovery passes hard pressed households by.

Excluding the effects of bank bail-outs, borrowing was £11.8 billion, which was 15.3 per cent, or £1.6 billion more than September last year.

Commenting, Unite general secretary Len McCluskey said: “George Osborne’s track record is one of failure and broken promises. He’ll have to cut borrowing by a massive 37 per cent over the next six months if he’s to keep to his target for the year. 

“David Cameron has no right to promise ‘giveaways’ paid for by the poor, while his chancellor is running the economy so poorly.

“It’s a dismal record and the figures show that his so-called ‘economic plan’ is doomed and that the recovery is nothing more than an illusion for millions of people struggling to make ends meet.

“Living standards are going through the floor because of a wage siege gripping households across the UK, while self-defeating austerity sucks money and demand out of the economy. 

“This Tory-led government’s idea of recovery is giving tax cuts to rich, while hitting the vulnerable and the working poor under the mantra of work harder, get poorer.

“This is not the basis for a sustainable recovery. Britain needs an economic recovery that benefits the majority and an economy built on secure, decent paid jobs.”


For further information please contact Unite head of media and campaigns Alex Flynn on 020 3371 2066 or 07967 665869.  

Notes to editors:

  • Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.