Responding to today’s Spring Statement from the Chancellor of the Exchequer, Member of Parliament for Portsmouth South, Stephen Morgan MP, said:
“Today’s Spring Statement demonstrates that this Government remains committed to invest in Britain’s future. Long term plans discussed today will build a stronger, more secure economy and provide short-term relief to ease the cost of living.
“Portsmouth’s families will see £150 off their energy bills, along with their rail fares and prescription charges frozen. Labour’s bolds actions are also expected to lift over 5,600 children in this city out of poverty.
“This Government understands that we cannot repeat mistakes made by previous Governments across recent years. We are saying no to the Tories and Reforms’ calls for a return to austerity and no to the Green’s call for unfunded spending and a borrowing spree.
“Only Labour has the right plan to build a stronger, more secure economy and make working people better off in every part of Britain.”
Measures that Labour has already implemented to cut the cost of living and is putting more money in people’s pockets include:
- Taking levies off energy bills to save the average family £150 a year, rising to £300 for many poorer households
- Freezing prescription charges for the second year in a row and rail fares for the first time in 30 years
- Presiding over six interest rate cuts, saving families over £1,300 on a typical new fixed-rate mortgage
Labour’s financial approach is already succeeding, with the OBR forecast revealing that:
- Retail sales and consumer spending are up
- FTSE 100 is reaching an all-time high
- Inflation and interest rates are forecast to keep coming down
