Relentless Focus on the Economny
Labour will today put the economy at the heart of the campaign. The choice facing the country is economic stability for Britain's hard working families with Labour or a return to economic failure and risk under the Tories.
The Tory Party refuse to talk about the economy, they are a recession waiting to happen. "They used to run on the economy - now they run away from it" - TB
Today Labour is laying out the fundamental choice facing the country. With Labour: a stable economy, leading to investment in the drivers of growth and in our public services. Under the Tories: a return to economic failure and risk.
The strength and stability of the British economy has not happened by chance. It has happened because of the choices Labour has made: to put the interests of hardworking families and pensioners first by delivering stability, jobs and rising living standards.
The Tories refuse to talk about the economy, the most important responsibility of government.
In his speech yesterday Michael Howard barely mentioned the economy. They have briefed that they intend to avoid it. The Tories know that cannot be trusted to deliver economic growth and stability. They have not changed and have not learnt from their mistakes. They are the party of mass unemployment, of high inflation and mortgage misery.
When Michael Howard was in office interest rates were at 15 per cent for a whole year, 1.5 million households suffered negative equity, over 250,000 families lost their homes, and three million people were unemployed.
The Tories opposed Labour's macro economic policy framework - Bank of England independence and strict fiscal rules - that have delivered unprecedented stability and economic growth.
Today, the Tories are committed to polices that repeat the mistakes of the 1980s and 1990s. They are committed to tax cuts, spending cuts and massive spending increases - all at the same time, often with the same money. At the heart of their plans is the admitted commitment to £35 billion cuts from public spending by 2011 - 12 - cuts so large that they could only be achieved by deep cuts to frontline services such as schools and hospitals. And this doesn't even take account of the secret agenda exposed by Howard Flight. No wonder they don't want to talk about their economic plan. It is full of holes, full of risk and would take Britain back.
In Tony Blair and Gordon Brown the Labour Party has the experience and track record to deliver economic growth and investment. Michael Howard's leadership of the Conservative Party and Oliver Letwin's Shadow Chancellorship serves as a constant reminder of 15 per cent interest rates, three million unemployed and the threat posed to the prosperity of hard working families.
Key quote
The Tories are not interested in economic stability. Oliver Letwin yesterday attacked Labour's Chancellor Gordon Brown because he "banged on and on about economic stability".
Conservative Party Press release 5 April 2005
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Fact of the day
With Labour, interest rates are half what they were under the Tories. As a result of the economic stability created since 1997, interest rates have averaged 5.2 per cent - half the 10.4 per cent average under the Tories from 1979 to 1997. Under the Tories interest rates reached as high as 15 per cent and remained there for a whole year.
