Autumn Statement 2012: Ed Balls says Osborne is 'drowning'

Shadow Chancellor Ed Balls has condemned George Osborne's economic plans for failing to meet the government's own targets, following the Autumn Statement.

Balls said that, over the past two years, the Chancellor had been expecting 4.6% growth but had instead achieved only 0.6% growth, with Britain "falling behind in the global race". George Osborne "is not waving, he's drowning", Balls told the House of Commons after the Chancellor delivered his Autumn Statement. The statement showed there will be more borrowing this year, next year, the year after, which means higher national debt, Ed Balls said. He said: "National debt is rising, it is not falling," and that "ordinary people are being hit hardest". "We've had the longest double-...