George Osborne and David Cameron launched a double assault on the Labour party yesterday, saying their addiction to borrowing and refusal to cut welfare would cripple the economy. In separate speeches, the Chancellor and the Prime Minister warned that the party would always put off difficult decisions on Britain's debts – with Mr Osborne accusing them of taking a 'manana' approach. Mr Cameron painted a bleak picture of Britain under Labour, saying its plans would cause 'utter chaos… the chaos of higher taxes, fleeing businesses, jobs lost, an economy stagnating ... the chaos of public services that can't meet demand and are creaking under pressure'. Speaking in New York, his Chancellor said Labour's plans would allow it to go on piling up debts to dangerous levels. Mr Cameron painted a bleak picture of Britain under Labour, saying its plans would cause 'utter chaos' But their attack on Labour's economic credibility suffered a setback last night when Ed Miliband's party said it would sign up to the Coalition's new Charter of Budget Responsibility, which will require the next government to start bringing day-to-day spending under control. The Chancellor added that a Tory government would also start paying down Britain's towering debts by 2019 – a pledge that Labour and the Lib Dems have refused to match . The Chancellor added that a Tory government would also start paying down Britain's towering debts by 2019 – a pledge that Labour and the Lib Dems have refused to match. He added: 'If after seven years of growth we don't start reducing our debt, round the world people will ask, 'if not now, then when?' Manana is not a credible fiscal plan.' The Spanish phrase 'manana' refers to putting off a difficult task until tomorrow. Mr Cameron sought to drive the message home with a warning that Labour's plans represented a 'massive gamble' with the economy. He said the Tories would take a further £12billion out of welfare spending, while Labour would not cut benefits by a single penny. In a speech in Dorset, he went on: 'Every pound you don't save on welfare is a pound you might have to take out of the services we need, like the NHS and schools. If we don't make these savings now, it would be a lot worse later.' He told reporters there were still 'signs of excess' in the welfare budget despite a string of cuts, all of which have been opposed by Labour. But Mr Osborne was left licking his wounds last night when the intended trap for Labour backfired. The Chancellor hoped the party would refuse to back the new Charter of Budget Responsibility – thereby creating a clear dividing line on the economy ahead of the election. But, in a surprise move, the Shadow Chancellor Ed Balls said Labour would support the plans to balance the government's day-to-day spending by 2018 – even though he previously rejected setting a target date. The Tories said the move effectively committed Labour to matching its goal of finding £30billion of savings. But Labour claimed the new law – which MPs will vote on before the election – was broadly in line with its own plans. Mr Balls said: 'This Charter is consistent with our position.' In fact, Conservative aims go much further than the Charter requires. The Tories have pledged to balance the whole budget by 2019, including the £28billion spent on capital projects, such as new roads. They also plan to run a budget surplus of £23billion by 2020. However Labour has described the cuts required to achieve this as 'extreme and ideological'. And a ComRes poll for the Independent last night suggested the public was sceptical about the idea. The survey found that 30 per cent of people want to balance the budget even if it means deep cuts to services, while 66 per cent oppose the idea.
PM and Chancellor say Labour addiction to borrowing will cripple economy .
In separate speeches, they warned party always put off difficult decisions .
Mr Cameron painted a bleak picture of Britain under Labour Party .
Chancellor said Labour's plans would allow it to go on piling up debts .
George Osborne and David Cameron launched a double assault on the Labour party yesterday, saying their addiction to borrowing and refusal to cut welfare would cripple the economy. In separate speeches, the Chancellor and the Prime Minister warned that the party would always put off difficult decisions on Britain's debts – with Mr Osborne accusing them of taking a 'manana' approach. Mr Cameron painted a bleak picture of Britain under Labour, saying its plans would cause 'utter chaos… the chaos of higher taxes, fleeing businesses, jobs lost, an economy stagnating ... the chaos of public services that can't meet demand and are creaking under pressure'. Speaking in New York, his Chancellor said Labour's plans would allow it to go on piling up debts to dangerous levels. Mr Cameron painted a bleak picture of Britain under Labour, saying its plans would cause 'utter chaos' But their attack on Labour's economic credibility suffered a setback last night when Ed Miliband's party said it would sign up to the Coalition's new Charter of Budget Responsibility, which will require the next government to start bringing day-to-day spending under control. The Chancellor added that a Tory government would also start paying down Britain's towering debts by 2019 – a pledge that Labour and the Lib Dems have refused to match . The Chancellor added that a Tory government would also start paying down Britain's towering debts by 2019 – a pledge that Labour and the Lib Dems have refused to match. He added: 'If after seven years of growth we don't start reducing our debt, round the world people will ask, 'if not now, then when?' Manana is not a credible fiscal plan.' The Spanish phrase 'manana' refers to putting off a difficult task until tomorrow. Mr Cameron sought to drive the message home with a warning that Labour's plans represented a 'massive gamble' with the economy. He said the Tories would take a further £12billion out of welfare spending, while Labour would not cut benefits by a single penny. In a speech in Dorset, he went on: 'Every pound you don't save on welfare is a pound you might have to take out of the services we need, like the NHS and schools. If we don't make these savings now, it would be a lot worse later.' He told reporters there were still 'signs of excess' in the welfare budget despite a string of cuts, all of which have been opposed by Labour. But Mr Osborne was left licking his wounds last night when the intended trap for Labour backfired. The Chancellor hoped the party would refuse to back the new Charter of Budget Responsibility – thereby creating a clear dividing line on the economy ahead of the election. But, in a surprise move, the Shadow Chancellor Ed Balls said Labour would support the plans to balance the government's day-to-day spending by 2018 – even though he previously rejected setting a target date. The Tories said the move effectively committed Labour to matching its goal of finding £30billion of savings. But Labour claimed the new law – which MPs will vote on before the election – was broadly in line with its own plans. Mr Balls said: 'This Charter is consistent with our position.' In fact, Conservative aims go much further than the Charter requires. The Tories have pledged to balance the whole budget by 2019, including the £28billion spent on capital projects, such as new roads. They also plan to run a budget surplus of £23billion by 2020. However Labour has described the cuts required to achieve this as 'extreme and ideological'. And a ComRes poll for the Independent last night suggested the public was sceptical about the idea. The survey found that 30 per cent of people want to balance the budget even if it means deep cuts to services, while 66 per cent oppose the idea.
their addiction to borrowing and refusal to cut welfare would cripple the economy. In separate warned that the party would always put off approach. Mr Cameron painted a bleak picture of said Labour's plans would allow it to go on piling up debts to dangerous levels. Mr Cameron painted a bleak picture of Britain under Labour,