William Eichler 22 November 2017

Labour blasts 'failed austerity' as £150bn added to national debt

Labour blasts the Government’s ‘failed austerity policies’ as new figures reveal nearly £150bn has been added to the national debt since last year.

The October 2017 public sector finance figures from the Office for National Statistics (ONS) have revealed public sector net borrowing decreased by £4.1bn to £38.5bn in the current financial year (April 2017 to October 2017), compared with the same period in 2016.

However, they also revealed public sector net borrowing increased by £0.5bn to £8bn in October 2017, compared with October 2016. £147.8bn has also been added to the national debt during the same period.

Commenting on the ONS’ findings, John McDonnell MP, Labour’s shadow chancellor, said: ‘These figures are a reminder of the continued failure of both Philip Hammond and Theresa May over these past seven years.

‘The deficit has still not been eliminated as they promised it would be by 2015, and the national debt continues to grow.

‘The rise in the Government’s deficit over October shows once again that seven years of Tory spending cuts have caused pain and misery for millions with little to show for it.’

He added that this demonstrated the need for a ‘change of course’ in today’s budget, halting ‘the growing emergency in our public services and ending their failed austerity policies.’

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