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If the party comes to power at the next general election, Labor will inherit the worst economic situation of any incoming government „since the Second World War”, the shadow chancellor said.
Speaking to Sky News, Rachel Reeves pointed to „debt payments, growth, living standards and taxation” as she accused the Conservatives of „burning the whole house down” when they were in government.
He told the broadcaster: “This is the worst legacy of any incoming government since the Second World War in terms of debt servicing, growth, living standards and taxation.
I want taxes on working people to be lower. But it should be affordable
Shadow Chancellor Rachel Reeves
„(Former chancellor) George Osborne said they were going to fix the roof in 2010. What they did was smash the windows, smash the door and set the whole house on fire.
„The reality is who will be prime minister and president after the next election – that's the legacy that whoever forms the next government will have to deal with.”
His comments come ahead of next week's spring budget, with chancellor Jeremy Hunt saying he will consider cutting public spending plans to pay for tax cuts at the fiscal event on March 6.
Mr Hunt faces continued pressure from the Conservatives to cut taxes when he delivers his final budget before the next election, with the overall tax burden approaching record levels.
Ms Reeves has signaled she could replicate the forthcoming tax cuts, but they must comply with her fiscal rules.
He said: „Financial responsibility is non-negotiable for me. The amount has to be raised.
“Everything will be subject to the financial rules laid down by me.
„I want taxes on working people to be lower. But it has to be affordable.
Ms Reeves said there would be an „unrelenting focus” on economic growth if Labor won the election.
„I can't turn everything around overnight,” he said.
“We need to grow the economy. There will be a relentless focus on what it takes to grow the economy.