Labour's Economic Record

Labour's economic record will come under attack from the Tories today as figures reveal that families are worse off than they were five years ago. Shadow Chancellor George Osborne will say that since the last election in 2005, national income per person has collapsed by £281. It is the first time since at least the 1950s that the figure has fallen over the course of a full Parliament.  In a major speech, Mr Osborne will say: 'When people ask the famous question "Are you better off than you were five years ago?" Gordon Brown is the first Prime Minister in modern British history who has to answer "No".' But the Shadow Chancellor will argue today that the unprecedented level of debt built up by Labour is the single biggest threat to Britain's economic future, and pledge a new economic model built on and investment. He will cite research which shows that the UK now produces £281 less per person in real terms than at the last election. Even in the recessions of the 1970s, 1980s and 1990s, the figure rose over the lifetimes of governments of each hue. Read more here.