Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Ed Balls: Osborne's goal of balancing books now in tatters

1 Comment
Ed Balls: Osborne's goal of balancing books now in tatters

Chancellor George Osborne's goal of balancing the books now lies in tatters, according to shadow chancellor Ed Balls.

Speaking in the wake of Osborne's Autumn Statement, Balls pointed to economic contraction this year, and described current economic conditions as the longest double dip recession since the Second World War and a slow and prolonged recovery.

'Far from securing a recovery, the economy has flatlined since 2010,' Balls said.

Balls said Osborne has failed to meet his goal of a balanced budget and reducing national debt by the end of this parliament.

'Their one goal to balance the books is now in tatters,' he added.

'The chancellor confirmed the prime minister’s pledge to balance the books by 2015 will not be met by 2015 or 2016 or 2017 either. The fact is there will be more borrowing next year and the year after. We will look at the details when we get the figures,' Balls continued.

Balls also pointed to Osborne's previous comments the deficit plan is on course. 'The chancellor said the deficit plan is on course. "We will not waver. He is not wavering, he is drowning Mr Speaker. The chancellor can now try and claim failure on growth, borrowing and debt, breaking his own fiscal rule.'

The shadow chancellor also questioned the OBR's figures, pointing to independent forecaster's expectations of a £6 billion rise in debt figures and asked the Liberal Democrats why they rescinded on their Mansion Tax plans, which were not announced in the Autumn Statement as many had expected.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter