Darling warns of 'tough choices'

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

He also attacked Conservative plans to slash the deficit as showing a "poverty of aspiration" and "wallowing in an age of austerity".

Official figures showed public borrowing at a record £77.3 billion for the first six months of the financial year - and it is set to hit £175 billion for the year as a whole.

But the Chancellor said: "To make the wrong choices, to refuse to invest, will simply mean that the economy gets smaller, we all get poorer, and even greater and deeper cuts are needed. We have seen this before - the savage cuts of the 1980s meant whole swathes of our economy disappeared."

Mr Darling has set out plans to cut the deficit by half within four years although the Conservatives want to go further. Speaking at an event in London's Docklands, the Chancellor said "now is too soon" to withdraw support for the economy and that a recovery must be established before tackling debt.

While families were tightening their belts, it would compound the problem if Governments acted the same way, he added. "Withdrawing the support we've provided to the economy would put the recovery at risk and abandon people facing unemployment.

"Borrowing to support people now and to invest in the future may feel counter-intuitive ... But in the longer run, it will mean the bills we face as a country are lower, and that we are better placed to pay them off," the Chancellor argued.

Estimates on Friday should show the economy returning to modest growth between July and September after five quarters of recession. But the Chancellor added: "One set of data showing positive growth will not be enough - we need to ensure that the recovery is embedded."