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Owen Smith says Labour policies 'fully costed and paid for' Owen Smith says Labour policies 'fully costed and paid for'
(about 4 hours later)
Shadow Welsh Secretary Owen Smith has defended Labour policy announcements, saying everything had been "fully costed and fully paid for". Shadow Welsh Secretary Owen Smith has defended Labour policy announcements, saying they had been "fully costed".
Party leader Ed Miliband is using the Labour conference in Brighton to make a series of announcements to tackle what he calls a cost of living "crisis". Party leader Ed Miliband is making a series of pledges to tackle what he calls a cost of living "crisis".
Mr Smith said changes to stop loopholes in hedge funds would raise £150m. Wales Labour leader Carwyn Jones told the party conference that housing benefit changes are "40,000 good reasons" in Wales to elect a Labour prime minister.
But the Conservatives said the policies outlined by Labour would cost billions of pounds extra. Conservatives claim a "black hole" in the spending plans.
Labour has said it would extend childcare and axe controversial changes to housing benefit affecting social tenants in England, Scotland and Wales deemed to have spare bedrooms.Labour has said it would extend childcare and axe controversial changes to housing benefit affecting social tenants in England, Scotland and Wales deemed to have spare bedrooms.
A Treasury analysis released by the Tories shows Labour promises would require more than £1,000 extra borrowing per household in 2015.A Treasury analysis released by the Tories shows Labour promises would require more than £1,000 extra borrowing per household in 2015.
But Mr Miliband insisted Labour's plans were "clearly costed" and described claims of a £27.9bn "black hole" in Labour's spending plans as "nonsense".But Mr Miliband insisted Labour's plans were "clearly costed" and described claims of a £27.9bn "black hole" in Labour's spending plans as "nonsense".
This was backed by Pontypridd MP Mr Smith. This was backed by Pontypridd MP Mr Smith at the conference in Brighton.
"We will pay for it by introducing changes to the law that will allow tax loopholes for hedge funds that the Tories introduced - that's £150m," Mr Smith told the BBC. "We will pay for it by introducing changes to the law that will allow tax loopholes for hedge funds that the Tories introduced - that's £150m," Mr Smith told the BBC, ahead of his own speech.
"We'd introduce the scrapping of this ludicrous notion of workers being able to sell their employment rights for shares and we'd introduce other changes that offer tax benefits to the construction industry."We'd introduce the scrapping of this ludicrous notion of workers being able to sell their employment rights for shares and we'd introduce other changes that offer tax benefits to the construction industry.
"Fully costed, fully paid for, very clear and absolutely the right thing to do.""Fully costed, fully paid for, very clear and absolutely the right thing to do."
Speaking ahead of the Labour Party conference in Brighton, Mr Smith said he was "delighted" that the party intended to scrap the changes in housing benefit related to spare bedrooms if elected into government in 2015. Welsh Labour leader Carwyn Jones told delegates there would be much talk during the conference about the "harm the Tories and Lib Dems are wreaking on ordinary families up and down the land".
"The policy will not work because of a lack of suitable housing and it will not raise the £470m savings the government is anticipating..and is plainly unfair and wrong," he said. He said this was because of their "one-size-fits-all approach to welfare reform, and a "laissez-faire approach to the economy which has resulted in so many young people being out of work".
He said another guaranteed "wrap-around" policy for childcare between eight in the morning and six at night should be introduced "as soon as possible" in Wales. Mr Jones added a list of what he called the achievements of the Welsh Labour government, covering areas such as jobs, health and education.
But he added that it was "that more difficult to make decisions in Wales within a budget which is that much smaller". "In Wales we have a Labour government - we need a Labour government in Scotland... we need a Labour government in London," he said.
Mr Smith, who has co-edited a new book about Labour's "one nation" message, will speak at the party conference later on Sunday, along with First Minister Carwyn Jones. Working together was a way to "give people hope" he said.
"In Wales, because of the bedroom tax, there are 40,000 good reasons to elect a Labour prime minister," he added.