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February 20th, 2012 
FAKE NEWS for the Zionist agenda In an article for The Sunday Times, he called for a one-year 3p cut in the income tax, a rise in the income tax threshold to above £10,000, an increase in tax credits for working people, or a VAT cut.
“Without that decisive action in the Budget to boost growth, I fear we are in for a lost decade of slow growth and high unemployment which will leave a permanent dent in our nation’s prosperity,” he said.
Accusing the Tory-led government of going “too far and too fast” with spending cuts and with tax rises, including the 2.5% hike in VAT, Balls added, “That is why the Chancellor should announce a temporary reversal of his VAT rise.”
Speaking to BBC1’s Andrew Marr Show later, Balls repeated his call for a VAT cut, claiming it was the “fastest and fairest way” to kick-start the country’s economic growth.
In addition, he slammed the current austerity measures for being “self defeating” and making Chancellor George Osborne “trapped by the credit rating agencies”.
“I think it’s a very dangerous situation. We’ve been here before. Countries locked together in a deflationary environment, years of low growth and high unemployment. We saw it in the 1930s, think we are seeing history repeat itself,” he added.
However, Tory party deputy chairman Michael Fallon said that Balls’ plans would add £12bn to the national debt every year, claiming, “He wants billions of pounds of more borrowing and more debt, exactly how Labour got us into this mess in the first place.”
A few days ago, The US credit ratings agency Moody’s warned that Britain could lose its AAA credit rating within a year and cut its outlook on the UK to negative due to its poor economic growth and the euro crisis.
SSM/MF/HE
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