Labour’s candidate for Portsmouth South, Stephen Morgan has said the £64 billion in unfunded spending commitments Tory Ministers have made one week into the election campaign show they will deliver more chaos for Britain if elected.
The unfunded pledges show the choice at this election is between economic chaos and five more years of the Tories, or stability with Labour.
On Saturday, Jeremy Hunt re-committed the Conservative Party to its policy of scrapping National Insurance Contributions – a policy with a more dangerous unfunded fiscal black hole than Liz Truss’ mini budget, putting peoples pensions in jeopardy.
Abolishing inheritance tax and cutting taxes for high earners are the newest unfunded commitments from the Conservatives demonstrating they cannot be trusted with the nation’s finances.
In contrast, Labour’s plans are fully funded, built on the principle of economic stability.
Commenting, Labour’s candidate for Portsmouth South, Stephen Morgan said:
“The Conservatives unfunded pledges show the choice at this election is between economic chaos and five more years of the Tories, or stability with Labour.
“The Tories crashed the economy once and clearly haven’t learned their lesson. They will crash the economy again – and it will be the British public who pay the price.
“In contrast, Labour’s plans are fully funded and built on the principle of economic stability meaning Portsmouth people can feel confident in Britain’s future.”
Rachel Reeves, Labour’s Shadow Chancellor of the Exchequer, highlighting the now £64 billion of reckless unfunded spending commitments made by the Conservatives, said:
“After a chaotic start to their campaign, the Conservatives are now throwing around billions of pounds of unfunded tax cuts in a desperate attempt to cling onto power. This is on top of the £46 billion unfunded policy to abolish national insurance.
“Rishi Sunak and Jeremy Hunt’s behaviour is not only desperate, it is reckless and irresponsible, and shows they have learnt absolutely nothing from Liz Truss’ disastrous mini-budget that crashed the economy.
“The past 72 hours are the clearest sign yet that the biggest threat to the economy is five more years of Conservative chaos.
“Labour has changed. We are the party of sound money. Labour’s first step for change is to deliver economic stability with tough spending rules to grow the economy and keep taxes, inflation, and mortgages as low as possible.”
