Friday, 31 October 2008

Rehashed monetarism from the Tories

Today Shadow Chancellor George Osborne set out the Tory response to the economic crisis with a speech at the London School of Economics.

John McDonnell MP, LEAP Chair, said:

"Osborne's speech was just rehashed monetarism. It was a recipe for large scale unemployment with ordinary people shouldering the burden of this recession.

"Cutting corporation tax again would result in further cuts in public services, and his designs for yet more privatisation would be a disaster.

"Brown may not have fixed the roof while the sun was shining, but Osborne is knocking down the walls too."

Corporation tax has been cut by New Labour from 33% in 1997 to 28% today.

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