Miliband to set out Labour’s economic alternative

In an hour, just a stone’s throw from St Paul’s, Ed Miliband will speak to ippr and attempt to set out Labour’s economic alternative. Miliband will say:

“Labour has set out a five point plan for jobs and growth. Including cutting VAT to get the economy moving. Levying a bank bonus tax to get the young unemployed back to work. And moving forward essential capital investment. Some people have criticised our plan for being too small to make a difference. Others, for being too expensive. To those who say it is too small, I say look at the previous VAT cut which had a real effect when introduced in 2008, according to respected analysis.”

“On youth unemployment, a similar programme, the Future Jobs Fund, created 100,000 jobs and led to falling long term youth unemployment, in stark contrast to the rise of 77% that we have seen since its abolition. And advancing capital spending would have real effects – as the Government’s own Office for Budget Responsibility has said. To those who say it is too expensive, the answer it is clear:
The cost of not acting is the more expensive choice—economically and socially. That is proved by the government missing its borrowing targets by over £100bn.”