Balls announces Labour plans of extending child benefit cap to balance books

Shadow chancellor Ed Balls

This article was last updated on April 16, 2022

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Shadow chancellor Ed BallsLabour’s shadow chancellor Ed Balls will announce on Monday plans of his party over “not to flinch from the tough decisions” required to balance Britain’s public finances, telling party members that he will have to cut child benefit in real terms to help eliminate a £75bn deficit and prove that Labour can be trusted over economy.

Mr Balls has also told in Labour party’s conference final speech before the general election 2015 in Manchester about cutting ministerial pays to help trim deficit still running at £75bn, in a fair manner.

The shadow chancellor’s speech that aims to win the confidence of voters who were still unconvinced by the party’s economic policies, states: “I cannot make promises I cannot pay for. There are going to be some difficult decisions.

“The next Labour government will get the deficit down. Ed Miliband and all my shadow cabinet colleagues are clear it will mean cuts and tough decisions and we will take the lead.

“Labour will balance the books in the next parliament. These will be our tough fiscal rules. We will get the current budget into surplus and the national debt falling as soon as possible in the next parliament.”

The proposed Labour’s budget plan also included a reduction in ministers’ wages, as Mr Balls has indicated the need “for a change”.

The politician has Labour wins May 2015 elections then it will cut ministers’ pay by 5% and restore the 50% income-tax rate.

He has also assured to scrap the controversial ‘bedroom tax’, extending child benefits and freeze energy bills for 20 months.

Director-general of the Confederation of British Industry, John Cridland has said: “Business wasn’t looking for any surprises and this speech sets out some of the foundations needed for long-term growth.

“Balancing the books is a given for whoever is in Government next, so the business community will be reassured by Mr Balls reaffirming Labour’s commitment to fiscal discipline.”

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