A SENIOR Harlow Conservative councillor has issued his response to the Labour chancellor’s Spring Statement.

Old Harlow councillor Joel Charles has expressed the following concerns:

1.The Office for Budget Responsibility (OBR) has downgraded its growth prediction for the economy, halving the forecast this year.

2. Market expectation is higher interest rates, lower business and consumer confidence, and depressed growth, leaving the Government’s economic strategy in tatters. The increased uncertainty, with inflation twice the level this year than was forecast in 2024, will make the Government’s job even harder and limit the ability to improve the country’s future economic outlook.

3. There is also increased labour market uncertainty, with vacancies falling and the unemployment rate expected to rise this year.

4. Servicing the cost of the national debt is becoming more challenging. Debt interest is expected to increase further, according to the OBR.

5. Spending cuts are a direct result of the poor economic stewardship under the current Labour Government.

Cllr Joel Charles said: “The Chancellor has boxed herself into a corner. Weaker growth this year will put increasing pressure on the Government to change course. Rachel Reeves has chosen to deliver an Emergency Budget because her economic policies are making the country poorer. Her statement today provided little reassurance.

“There is no respite for many people in our country who have already fallen victim to Labour’s mismanagement. The Chancellor’s Emergency Budget statement signalled no relief for disabled people, farmers, pensioners or business owners. Increased unemployment will potentially hamper economic growth for years to come. Labour’s jobs tax, the increase in employers’ National Insurance contributions, will lead to fewer employment opportunities. Charities, schools and key parts of the private sector, including retail businesses, have all said that they now plan to make difficult decisions because of the jobs tax.

“Inflation running at twice the level this year than previously forecast inevitably means Harlow residents will pay more for essentials like food. Borrowing will also be more expensive, providing less scope for investment in public services. The Government is steering the economy in the wrong direction and hardworking people are going to pay the price.”