“Nine years of failed Tory economics have created a society of low pay, long hours, insecure work, with low investment, low productivity, and low growth. Meanwhile, the Tories’ bungling of Brexit is pushing the economy closer still to the edge of chaos, with the potential for facing price rises, job losses, and businesses failing.
“The Government has presided over the slowest recovery since the 1920s – and things are getting worse.
“Growth is at its weakest for six years, manufacturing is in recession, and the trade deficit was over £10 billion in the last quarter of 2018. The Bank of England and the Government’s own analysis are warning that the threat of a No Deal Brexit would be “catastrophic” for the British economy.
“This recklessness means that investment is falling and valued manufacturers are cutting jobs and moving production elsewhere. Real wages are still lower than they were 10 years ago, while household debt has soared.
“UK productivity is weaker than other advanced economies, and years of underinvestment in skills and infrastructure mean we are falling behind in key industries of the future, such as green technologies.
“Austerity is still not over and public services are at breaking point. Local councils face a funding gap of £7.8bn by 2025 and 87 people a day die while waiting for social care. Government departments have seen more than £40bn of cuts since 2010. Schools and hospitals have huge budget deficits. Universal Credit causes poverty and hardship. And billions more of spending cuts are still to come.
“Enough is enough – it’s time for change. Britain desperately needs a Labour government which will rebuild our country and invest in our economy, putting jobs first, guaranteeing workers’ rights and consumer standards, and safeguarding our environment.
“Only Labour will end the Tories’ failed austerity programme and rebuild Britain’s public services for the many, not the few.”