Tony Blair, the former leader of the Labour Party, has pledged to support Ed Miliband leading up to the this years general election. He said that he will "do whatever the party wants". This comes after his comments stating that fighting on a traditional left-wing platform was a recipe for defeat. This news comes amidst fresh concerns over what the impact of a Labour win would be. Stefano Pessina, the CEO of Boots, has already warned that it would be a "catastrophe". if they "acted as they speak".
Between the years 2005 and 2010 the Labour government saw the biggest budget deficit in our peacetime history. The number of unemployed increased by nearly 500,000, leaving 292,000 more young people unemployed than when they came into power, a rise of 45%. During the same period unemployment benefit rose by 82%. It was Britain's longest and deepest recession since the War.
Since 2010 the Cameron ministry, which is a coalition government between the Conservative Party and the Liberal Democrats, has decreased the deficit by more than 50%. Unemployment has also decreased by 6% with 1.75 million more people in work since the last election, a record number. The number of full time jobs account for 83% of the rise in employment and there are now 14.4 million women in work, more than ever before. Small business sector has also seen growth with more than 400,000 business being started since 2010. The government has also approved over 18,000 start up loans. These factors have contributed towards why this Government has also seen the largest annual fall in unemployment for twenty five years and why Britain is the fastest-growing major advanced economy. This is something that would be at risk if the Labour Party win in this years General Election.
Many people where previously frozen out of the housing market as a result of Labour's great recession. Since 2010 nearly 40,000 people have bought their own homes with the "help to buy scheme", 80% of which were first time buyers. It is also clear to see that the Conservative government is one focused on encouraging working and overhauling the welfare and benefits system. Housing benefit has been capped to stop unlimited pay-outs and benefits will not rise faster than workers' wages. David Lammy, Labour MP, has said that under Labour's "Mansion Tax" where only houses worth £2 million or more are supposed to be taxed might also see homes worth £1 million or less being taxed as well.
Labour's planned expenditure, which has been analysed by the Institute for Fiscal Studies, would see spending and borrowing of £25 billion. It was revealed in parliament on August 5th, 2014 that Labour's plans would also add £500 billion to the national debt over the next 21 years. That is equal to £35,000 for every child in the country. Sir Stuart Ross, former boss of M&S, said that Labour "lacks a clear and credible plan" and criticised them for bashing business. This would lead to British jobs being lost overseas. Simon Walker, Director General of the Institute of Directors, told The Telegraph that Ed Miliband 'seems to have abandoned all understanding of the way markets work'.
On February 4th 2015, during Prime Minister's Questions, David Cameron highlighted recent criticisms of Labour's economic plans from New Labour era Cabinet ministers, saying that "two former Labour health secretaries completely condemned his health policy. All the leading university vice-chancellors condemned his university policy. He can't find one single business leader to back his economic policy".
It is clear that the Conservative Party's longer-term economic plan is working. They are cutting income tax for over 25 million people, saving the typical tax payer £705 a year. They are cutting the jobs tax saving businesses up to £2,000 enabling businesses to hire more people. And corporations are also being helped by the cutting of corporation tax enabling them to invest and grow. This coupled with an £18 billion investment in our schools and 2 million new apprenticeships young people are receiving the best possible education to enable them to compete with the worlds best. We cannot allow this to be undone, we must maintain our progress to ensure the best possible future for Britain.