Businesses "crying out for a real plan for jobs and growth" says Labour MP

Labour shadow chief secretary to the treasury Rachel Reeves has hit out at George Osborne's lack of action, noting that businesses need a "a real plan for jobs and growth".

The comments come in the wake of Mr Osborne's speech to the Federation of Small Businesses' dinner, with Ms Reeves hitting out at the stifling measures currently in place.

Commenting on the lack of progression for UK businesses under the current coalition government the Labour MP warned that the chancellor was creating an "anti-business culture" in the UK.

In particular, she pointed to statistics that highlight growing concerns for the UK business sector with net lending to business falling and over 4,000 companies going under in the past three months.

According to Ms Reeves this figure represents a 7.2 per cent rise for the year and comes as a result of stifling taxes for UK business owners.

"Raising taxes and cutting spending too far and too fast has choked off the recovery, pushed up unemployment and is leading to £158 billion more borrowing than planned," she said.

Despite these problems, the Labour MP also hit out at Mr Osborne's refusal to "extend the national insurance holiday to all small firms taking on extra workers".

She called on greater transparency and accountability regarding top earners and the introduction of a bank bonus tax to help fund 100,000 jobs for young people in the UK.