George Osborne has broken his promise to balance the books. But where he has failed, Labour will succeed.
Our pledge on the deficit - that a Labour government will build a strong economic foundation and balance the books to secure the future of the NHS – is one that we will honour so that we can transform our economy, build a prosperous Britain and protect public services.
The Tories’ economic plan has failed. Yet they’ve committed themselves to slashing public services to a level not seen since the 1930s. They are doing it because they want to, not because they have to.
They are ideologically committed to an approach which will result in a permanent cost of living crisis of low skills and low quality jobs which won’t raise the tax revenues needed to tackle the deficit.
Unless we tackle the deficit in a tough but balanced way we face a simple choice between spending more money on debt interest payments or more money on vital public services like our NHS.
That’s why Labour will deal with the deficit by taking a tough and balanced approach based on five principles that Ed Miliband has set out.
By following this approach we will cut the deficit, create the strong economic foundations needed to build a prosperous Britain for working people and protect the public services we all value and rely on.