THE GOVERNMENT'S ECONOMIC POLICY

That this House believes that the Chancellor of the Exchequer's Autumn Statement demonstrates that he is attempting to balance the books by slashing welfare and by pouring cash into property speculation, rather than productive investment; notes that if there is no change in policy by 2018-19, public services will be cut by 20 per cent; further notes that according to the respected Institute of Fiscal Studies the bulk of the reduction in the budget deficit will come from cuts in spending rather than tax increases, 86 per cent as against 14 per cent; is convinced that this policy of locking the country into a low productivity, low investment, low wage economy will see public services crumble and poverty soar; and calls on the Liberal Democrat partners in this damaging coalition to divorce themselves from this disastrous course which can only mean falling living standards for the majority of people while the rich once more prosper.