The economy is weakening, and the recovery that most people haven’t yet felt is fading fast. Six months out from a general election this Autumn Statement offered glitter and baubles but little of substance.

There was nothing in the Autumn Statement to address the real crises afflicting the economy – of falling wages, rising homelessness and of a banking sector that remains out of control. This outgoing Chancellor leaves a more unbalanced economy on the precipice of renewed crisis.

John McDonnell MP, LEAP chair, said:

“This was delusional stuff. Tinkering with stamp duty won’t mask the insecurity, low pay and cuts that ordinary people will continue to experience.

“The Chancellor’s presents were empty boxes, baubles to distract from the real issues people face.”

Andrew Fisher, LEAP co-ordinator, said:

“We have more growth but less revenue, higher employment but lower incomes. This is because the economy is fundamentally unbalanced and nothing the Chancellor announced today will redress that.

“The intense austerity scheduled for 2015 and beyond will tip this failing economy over the precipice – and with it millions of people into poverty.”