Last week we found out that David Cameron and George Osborne’s reckless economic plan has completely failed. Families, pensioners and businesses know it’s hurting, but now they know it isn’t working either.

According to the official forecasts from the Office for Budget Responsibility, borrowing is up, unemployment is up and growth has been revised down.  In fact, the Government are now set to borrow a staggering £158 billion more than they planned a year ago – the bill for the economic failure, higher unemployment and bigger benefits bill their failed plan has created.

Despite the pain of £40 billion more spending cuts and tax rises the Chancellor boasted about last year, the recovery he choked off and the higher unemployment he created means billions more borrowing for failure.

Trying to go further and faster has been utterly self-defeating. It has backfired. All this pain, for no gain.

There is an alternative.  Labour’s 5 point plan for jobs and growth would create 100,000 jobs for young people by taxing this year’s banker’s bonuses and would give a tax break to every small firm that takes on extra workers.

Last week’s events are clear evidence that the Government needs to change course. They must take action now before it is too late.

There are always winners and losers at Budget time. But when a Government has promised that ‘we are all in this together’, women, children and families have a right to feel betrayed by the last 18 months of failed economic policies which will see these groups hardest hit.