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Labour accuses coalition of giving up on growth Labour accuses coalition of giving up on growth
(35 minutes later)
The UK risks sliding into a "lost decade" because of the government's failure to get the economy back on track, Labour's leader is to say. The UK risks sliding into a "lost decade" because of the government's failure to get the economy back on track, Labour's leader has said.
In a speech, Ed Miliband will accuse the chancellor of giving up on efforts to restore growth soon. In a speech, Ed Miliband accused the chancellor of giving up on efforts to restore growth soon.
Following the Budget which forecast a bleak economic outlook, Mr Miliband will focus on the cost of living. Following the Budget which forecast a bleak economic outlook, Mr Miliband focused on the cost of living.
He is speaking in Birmingham at a "policy forum" of Labour and non-Labour participants. He spoke in Birmingham at a "policy forum" of Labour and non-Labour participants.
He believes the coalition government - and in particular Chancellor George Osborne - have accepted that Britain is on its way to enduring ten years of austerity and a stagnant economy. Mr Miliband believes the coalition government - and in particular Chancellor George Osborne - have accepted that Britain is on its way to enduring ten years of austerity and a stagnant economy.
In the Budget, UK growth forecasts for 2013 were halved, prompting rating agency Fitch to warn that it may downgrade the UK's AAA credit rating in April. Last month, agency Moody's stripped the UK of its top AAA rating.In the Budget, UK growth forecasts for 2013 were halved, prompting rating agency Fitch to warn that it may downgrade the UK's AAA credit rating in April. Last month, agency Moody's stripped the UK of its top AAA rating.
'Paying price''Paying price'
Mr Miliband said: "We are five years on from the financial crisis of 2008. We are in the slowest recovery for 100 years. And it is you who are suffering. Wages are frozen. Prices are rising. Living standards falling.Mr Miliband said: "We are five years on from the financial crisis of 2008. We are in the slowest recovery for 100 years. And it is you who are suffering. Wages are frozen. Prices are rising. Living standards falling.
"Yet the chancellor offered no change in the Budget. He offered more of the same. Can you imagine another five years of this? Low growth. Living standards squeezed further. You paying the price."Yet the chancellor offered no change in the Budget. He offered more of the same. Can you imagine another five years of this? Low growth. Living standards squeezed further. You paying the price.
"A lost decade Britain cannot afford. A decade of national decline.""A lost decade Britain cannot afford. A decade of national decline."
One of Mr Miliband's senior advisers described Labour's plan to change the economy as focusing on everyone, or "building from the middle out".One of Mr Miliband's senior advisers described Labour's plan to change the economy as focusing on everyone, or "building from the middle out".
However, there are not any new policies, and in a newspaper interview the Labour leader again refused to commit his party to the government's spending plans. Mr Miliband's comments came after former Labour Business Secretary Lord Mandelson criticised shadow chancellor Ed Balls for "predictable" attacks on the government's spending cuts.
He will also concede that his party still has work to do to convince voters there is a "real alternative".
"People all over Britain have lost confidence in [Prime Minister] David Cameron's ability to turn Britain around.
"But let me clear with you. I know that however discredited, divided and damaging this government is, I will not assume that their unpopularity will mean people turn to Labour.
"Indeed, many people will believe that the failure of this government means they should give up on politics altogether."
He will pledge to seek an economic recovery "made by the many, not just a few at the top".
"I don't just offer a change of management. I want to offer a change in the way this country is run and who it is run for," he will say.
His comments came after former Labour Business Secretary Lord Mandelson criticised shadow chancellor Ed Balls for "predictable" attacks on the government's spending cuts.
Lord Mandelson said arguments about the depth and speed of cuts were outdated and Labour should focus on how to rebuild the economy.Lord Mandelson said arguments about the depth and speed of cuts were outdated and Labour should focus on how to rebuild the economy.