On Wednesday 6th March, the Chancellor delivered his Spring Budget. Touted by many as an ‘election budget’, with tax cuts built-in to incentivise voters to look beyond the 14 years of Conservative economic mismanagement and Liz Truss’ disastrous mini budget, this Budget will instead be remembered for what it has failed to deliver.  

The Budget’s key takeaways include the 2p cut to National Insurance contributions and the scrapping of the non-dom tax status. 

Had the Conservatives closed the non-dom loophole in 2015 when Labour first proposed it, it could have paid for 62,000 more NHS nurses or 36,000 more NHS doctors every year since, allowing millions of people to have been treated earlier. 

It’s also clear that Rishi’s new tax plans don’t benefit working people. The Office of Budget Responsibility figures show that for every 10p extra paid in tax under the Tories’ plan, working people will only get 5p back because of the combined Autumn and Spring statement NICs cuts. 

The Government have been accused of lacking the ambition needed to address the wholesale reform this country needs, instead only tinkering around the edges of a broken system.  

This budget sets the Conservative’s legacy of failure in stone. If the Conservatives lose the next election, they will be leaving the country with the highest tax burden in seventy years and with GDP per capita lower than when Rishi came into office. They will also have the dubious honour of having presided over the only Parliament during which living standards have fallen. 

Despite campaigning as the party of economic credibility, 14 years of Conservative government have left us with a weaker economy, broken and underfunded public services, and less money in our pockets.  

If Labour wins the next election, we face the immense challenge of not just undoing this economic damage and fixing our public services, but also showing that things can get better.  

Our priority will be to get our economy growing so Britain will be better off. Economic growth sounds abstract, but in practice with a Labour government, it means an economy which delivers for everyone. 

It means a functioning NHS, ensuring everyone gets healthcare for free. It means energy security, slashing energy bills and ensuring people can afford to heat their homes. It means lowering the crippling tax burden on working people, so that they have more money in their pocket. It means better schools and more opportunities for our young people across the country. And it means safer streets, and more funding towards tackling the causes of crime.  

A Labour government will invest in our country, and in everyone who lives here. It’s been 14 years of broken promises and Conservative budgets which haven’t delivered. This year, it’s time we change that. 

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