The Shadow Chancellor Rachel Reeves has accused the Conservative Pary of “burning the whole house down” as they face inheriting the worst economic situation “since the Second World War.”
If Labour gets into power at the next general election they face “Euro reverses its losses supported by rising bond yields.”
Reeves told Sky News, “This is the worst inheritance any incoming government will have had since the Second World War in terms of debt interest payments, growth, living standards and taxation.
“(Former chancellor) George Osborne said in 2010 that they were going to fix the roof. What they’ve done is smash the windows, broken the door down and are burning the whole house down.
“That is the reality for whoever is prime minister and chancellor after the next election – that’s the inheritance that whoever forms the next government is going to have to deal with.”
The Shadow Chancellor said that potentially she could also match the tax cuts, but they must be in line with her fiscal policy.
She said: “Fiscal responsibility is non-negotiable for me. The sums have to add up.
“Everything will be subject to the fiscal rules I’ve set out.
“I want taxes on working people to be lower. But it has to be affordable.”
If Labour does emerge victorious in the election, Ms Reeves said there would be a “relentless focus” on economic growth.
“I am not going to be able to turn everything round overnight,” she said.
“We are going to have to grow the economy. There will be a relentless focus on what we need to grow the economy.”
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