Another five years of the Tories could cost the country £9bn, says Reeves

Rachel Reeves, Shadow Work and Pensions Secretary, will today explain that another five years of a Conservative government will cost the country £9 billion in social security benefits (£337 per household), according to Labour’s analysis of OBR figures.

She will say that this is because of their failure to address low pay – for example in the past five years the number of people earning less than the living wage has jumped from 3.4 million to 4.9 million.

Consequently, she will go on to explain how Labour will ‘Make Work Pay’  and halve the number of people on low pay by 2025. Reeves will say:

“The Tories’ failure to make work pay, and their failure to deliver their promises on the deficit, are two sides of the same coin.”

“The government’s failure to make work pay has meant they are struggling to keep social security spending under control. Last week the IFS confirmed that, for all David Cameron and George Osborne’s rhetoric, social security spending will be no lower next year than it was when David Cameron took office.” 

“The choice we now face is clear the Tories’ low wage, low skill economy driving up benefit bills and undermining tax revenues or Labour’s plan: a plan to help businesses create and fill more productive, high skilled jobs. The Tories will leave us paying the bills of in-work poverty for years to come. Only Labour will make work pay.”