Ed Miliband calls for emergency budget
Thursday 13 October 2011
Ed Miliband today called for the Government to hold an "emergency budget" to help tackle the "economic emergency".
The Labour leader said the coalition needed to show a "greater sense of urgency" to "get our economy moving".
Mr Miliband was speaking alongside shadow chancellor Ed Balls on a visit to the Futures Community College in Southend, Essex.
"We want to guarantee a sound economic future for the young people here," he said.
"That's why we're saying to the Government we're worried about the economic situation and they should change course.
"That's why we're saying they should have an emergency budget to get our economy moving.
"There needs to be a greater sense of urgency from the Government because this is an economic emergency and they need to get on with it."
When asked why he wanted an emergency budget, Mr Miliband told the Press Association: "We see unemployment at its highest level for 17 years, we see youth unemployment hitting nearly a million people.
"Why is the Government just going to wait until the end of November to have its pre-budget report, its autumn statement?
"Get on with it now and make a difference, get our economy moving and get unemployment down."
Mr Miliband said Labour's five-point economic plan should be the inspiration for new measures.
The plan was announced by Mr Balls at last month's party conference and includes cutting VAT and a new tax on bankers' bonuses.
The bonus tax would pay for 25,000 homes and jobs for 100,000 young people, according to Mr Balls.
In the plan, January's VAT cut would be reversed, small firms would receive a one-year national insurance holiday and long-term investment projects such as schools and roads would be brought forward.
Mr Balls also proposed a one-year cut in VAT for home improvements and maintenance to 5%.
The shadow chancellor told the Press Association: "The worst thing to do is to stick doggedly and recklessly to a plan when it's not working.
"We were told a year ago we were out of the danger zone, that we'd have a private sector recovery, that Britain would be a safe haven.
"The eurozone is in trouble, but Britain is doing worse than other European economies - a stagnant economy, no growth, unemployment rising.
"George Osborne cannot be allowed just to sit on his hands. Why wait 45 days?
"If he brings forward emergency budget measures next week, we will back him in the House of Commons.
"The only way to bring the deficit down is to act now on jobs and growth and the sooner he does it the better."
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
£18000 - £23000 per annum: Recruitment Genius: They work with major vehicle ma...
£16500 per annum: Recruitment Genius: A Chiropractic Assistant is needed in a ...
£18000 - £26000 per annum: Recruitment Genius: They work with major vehicle ma...
£28000 - £30000 per annum: Recruitment Genius: This company provides coaching ...