Spending Review: Johnson says cuts are "reckless gamble"

clock

Shadow Chancellor Alan Johnson says Osborne's Spending Review amounts to a "reckless gamble with people's livelihoods" and accused the government of being motivated by ideological reasons.

Johnson said although spending reductions are needed to reduce the deficit, the cuts outlined today risk stalling the recovery. "The deficit has to be paid down, but today's reckless gamble with people's livelihoods runs the risk of stifling the economy." He added: "In the context of deficit reduction, speed kills." He went on to slam the government for "perpetuating a series of myths" to justify its policies and said the Tories are motivated by ideology alone. Referring to the "deepest cuts in living memory" unveiled by the Chancellor he said: "For some members opposite (the go...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Discussion-worthy stuff': Chinese assets under pressure

'Discussion-worthy stuff': Chinese assets under pressure

China has an 18% share of global GDP and only a 3% MSCI ACWI weighting

Chris Justham
clock 02 April 2024 • 2 min read
Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read