Vince Cable and George Osborne's failed economic plan has led to two years of almost no growth - Umunna

19 November 2012

Chuka UmunnaChuka Umunna MP, Labour's Shadow Business Secretary, responding to remarks by the Business Secretary Vince Cable today and commenting ahead of Cable’s speech to the CBI tomorrow, said:

“Amongst the biggest obstacles to long term growth are Ministers who - from aviation to defence, planning to renewables - have created huge policy uncertainty which is holding back business investment.

“It is nonsense to suggest the Business Secretary and his Tory led Government are protecting investment in science. Departmental science spending fell by 7.6% in the first year of this Parliament and total spending on science last year is down by 6.4%.

“The Business Secretary claims he is determined to protect and grow apprenticeships but his department’s record flies in the face of this – it has just 2 apprentices under the age of 25 and none under the age 19.

“Vince Cable and George Osborne’s failed economic plan has led to two years of almost no growth, with unemployment in two-thirds of England higher than it was in May 2010.  Britain needs a plan to create jobs and growth including using funds from the 4G auction to build 100,000 affordable homes and a proper active industrial strategy to secure future growth – this government has failed to deliver on both counts.

"For all the Government's talk of fairness they're cutting taxes for millionaires while asking millions on middle and low incomes to pay more."