BusinessCorporate FinanceAutumn Statement: “No hope” for the future, says shadow chancellor

Autumn Statement: "No hope" for the future, says shadow chancellor

The last six years offer “no hope” for the future, said John McDonnell in response to chancellor Philip Hammond's Autumn Statement

THE LAST SIX YEARS offer “no hope” for the future, said John McDonnell in response to chancellor Philip Hammond’s Autumn Statement.

The shadow chancellor of the Exchequer flagged up key areas in which the Coalition and Conservative governments have failed; including business investment, debt targets and welfare.

“There will be more tax debt and borrowing which shows that the plan has failed. We face Brexit unprepared.” John McDonnell said.

“It is not headline tax rates that encourage business investments long-term, but the support from school workers, world class infrastructure and major markets.”

The tariff for the single market, and HMRC resources being cut 40% since 2000 are serious issues, as well as the betrayal of the JAMS (Just About Managing households). McDonnell added that the public services are “just not managing”.

Infrastructure investment plans were a “promise to deliver what had previously failed”. He highlighted the expectations for change, rather than further cuts to earnings, which shows “no vision” for future prosperity.

McDonnell concluded: “The plan to reset economic policy has been betrayed. A hard surplus target lacks flexibility to adapt to the changing economic circumstances. We are unprepared and ill-equipped to meet the challenges of Brexit and have a secure economy.”

Hammond had earlier outlined more robust investment plans than his predecessor George Osborne.

Related Articles

Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer
Businesses now owe £1.8bn in corporation tax

Accounting Firms Businesses now owe £1.8bn in corporation tax

12m Stephanie Wix, Writer
Disputed 'transfer pricing' tax up 60% to £3.8bn

Company News Disputed 'transfer pricing' tax up 60% to £3.8bn

1y Stephanie Wix, Writer
Autumn Statement: “Consistency” in the light of Brexit

Corporate Finance Autumn Statement: “Consistency” in the light of Brexit

1y Stephanie Wix, Writer
HMRC complaints reach highest level in seven years

Corporate Finance HMRC complaints reach highest level in seven years

1y Stephanie Wix, Writer
Number of winding up petitions filed by HMRC rises by 13%

Business Recovery Number of winding up petitions filed by HMRC rises by 13%

1y Richard Crump, Writer
HMRC production order demands cause headaches for practices

Accounting Firms HMRC production order demands cause headaches for practices

2y Fraser Simpson, Reporter