Autumn Statement 2012: Ed Balls says Osborne is drowning

Ed Balls says that over the past two years, the chancellor was expecting 4.6% growth but has achieved only 0.6% growth, with Britain "falling behind in the global race". George Osborne "is not waving, he's drowning", Ed Balls told the House of Commons after the chancellor delivered his Autumn Statement. The chancellor's statement shows there will be more borrowing this year, next year, the year after, which means higher national debt, Ed Balls said. He said, "national debt is rising, it is not falling," and that "ordinary people are being hit hardest". "We've had the longest dou...