Ash pearce - Labour Church Ward Councillor
Church's Labour Team, led by our Councillor Ashley Pearce

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Autumn statement failure

This week the Chancellor Philip Hammond delivered his autumn statement.  As an economics teacher these statements always intrigue me.  He went through with the usual sound bites.  First up was “Fiscal discipline”, this apparent fiscal discipline includes scrapping the surplus target for 2019 and borrowing more money than ALL Labour Governments ever put together. Whilst your National Insurance went up last year, they can still find room to cut tax on big business. Next up was being “Match fit” for Brexit.  This match fitness apparently includes a huge one month rise in the trade deficit by £0.9bn to £5.1bn.  The crash in sterling does not mean we suddenly import less, it just means the cost of our petrol and weekly shopping basket rises. Match fitness also encompasses a downgrading of future growth in the upcoming years. Then there was “record employment”, firstly with population level at an all-time high this is a given.  Then we need to consider the “2.7m new jobs” & “security for working people”. Nearly 5m of these jobs in “record employment” are self-employed jobs, which the resolution foundation recently discovered were paying less now than in 1995. The recent court ruling against Uber and press around work practices of Deliveroo show that these jobs are anything but secure. With less panache than his predecessor, Hammond delivered the same old smoke & mirrors budget, the Just About Managing households, will be no better off than before.
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