John McDonnell: Budget was just tinkering despite a crisis in housing and public services

This is the full statement published by shadow chancellor John McDonnell following the Budget today.

This is a ‘nothing has changed’ Budget from an out-of-touch government with no idea of the reality of people’s lives and no plan to improve them.

Philip Hammond has completely failed to recognise the scale of the emergency in our public services.

Today’s Budget has found no meaningful funding for our schools still facing their first real terms funding cuts since the mid-90s and nothing even approaching the scale needed to address the crisis in our NHS or local government.

For all the fanfare on housing, today saw more tinkering in place of decisive action, with only one third of funding announced today genuinely new. The chancellor announced no measures to directly increase house-building and, without that, lifting stamp duty for some will only drive up prices and benefit sellers, as the OBR have acknowledged.

The government’s rollout of universal credit is causing real suffering in our communities. Today rather than the halt the botched rollout and fix the failing system, the chancellor has put back £1 for every £10 cut from the system. Today all the chancellor could offer those struggling with debt and rent arrears is further debt.

Economic growth is the lowest it has been since the Tories came into office and today’s Budget confirms that failure, with growth and wage forecasts revised down in every year of the forecast. If the government cannot address the scale of the challenges facing our economy they should stand aside for a Labour government that will.