Ed Balls Outlines Labour’s Economy Plan.

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Ed Balls Outlines Labour’s Economy Plan.

Ed Balls joined Jim Murphy in Glasgow today to outline Labour’s economy plans for if they are elected in May. A Labour budget would make ‘balanced and fair changes’ to the tax system, which would result in £800m of additional funding for Scotland. This is in addition to new investment projects for the NHS, education and job creation for the UK. Mr Balls then went on to attack Tory and SNP plans: “Things will get better this year because of the changes we are setting out. They won’t get better under either Tory or SNP plans; the Tories are planning “extreme” spending cuts which are ideological and go beyond balancing the books” and that “a vote for the SNP in Scotland makes it more likely that David Cameron and George Osborne will stay in Downing Street.” He used this opportunity to warn of the consequences of the SNP’s plan for Holyrood to have full fiscal autonomy, as this would mean “continued austerity”. According to Balls this would occur as the scraping of the Barnett Formula in favour of full fiscal powers would leave funding gaps for services and “wipe out” a large percentage of the money which is relied upon in key areas north of the border. Balls said that the SNP had failed to back Labour’s tax changes. He ended with: “The reality is a vote for the SNP is a vote in Scotland for continued austerity.”

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