This week, newspapers reported that the new Chancellor, John Healey, was looking at possibly raising billions of pounds in extra borrowing by using flexibility within the government's fiscal rules.
Commenting, Shadow Chief Secretary to the Treasury, Richard Fuller MP said:
The government’s credit card is maxed out.
Rachel Reeves changed the rules so she could borrow more - pushing up the cost of debt.
Now it seems the new Chancellor wants to come back for more.
This means more pain for future generations who will have to pick up the tab.
When will politicians learn that you cannot tax and borrow your way to prosperity?
Successful nations are prudent, promote competition and see wealth creation as a plus.
Rather than raising taxes and increasing debt, the Labour Party should face up to the hard tasks of reducing welfare dependency and improving productivity in public services.
The Conservatives have a costed plan to make £47bn of annual savings. We will ensure the national debt is paid down so that future generations don’t have their life chances reduced by the excesses of this Labour government’s choices.
