Trickle down economics Is madness, says Alliance

Alliance Party Deputy Leader, Stephen Farry MP, has described as 'shameful and reckless' the financial statement made by the Chancellor of the Exchequer today.

Stephen Farry

Stephen Farry said: "This is a shameful and reckless financial statement from the Chancellor of the Exchequer. This Government is intent on pursuing a hard right agenda of tax-slashing and deregulation at a time of huge economic and financial uncertainty that demands investment in public services and social protection.

"Trickle down economics will only serve to assist the wealthiest in society, but at a huge cost to everyone else. This Budget will lead to increased borrowing and undermine the public finances, and wider economic confidence.

It represents a reverse redistribution in society, and will lead to greater inequality and social divisions, and public finances will be undermined. The wealthiest in society will receive a massive tax windfall at a time when many households with home heating oil are only offered £100 assistance.

"It is an uncomfortable reality for some that the greatest current barrier to growth lies with Brexit and new barriers to trade with the EU.

"Instead, the Government should be levying a greater windfall tax to minimise the scale of borrowing, delivering a Green New Deal, investing in key economic drivers such as skills, and providing a stable financial framework."