Labour goes on the attack with new Cameron poster

New poster mocks Tory election line, stating: "I'm cutting the NHS. Not the deficit."

With the Tories preparing to gather in Birmingham, the Labour attack machine has sprung into life with the launch of a new poster and a borrowing counter. Following her Q&A with Andy Burnham earlier this week, my colleague Caroline Crampton revealed that Labour was planning a parody of the famous "airbrushed" image of Cameron - and here it is.

The line "I'm cutting the NHS" is based on Treasury figures showing that since 2010, health spending has fallen from £105,073 million to £104,333 million in real terms, while the line "not the deficit" is based on the most recent borrowing figures from the ONS, which showed that borrowing so far this financial year was 21.8% (£10.6bn) higher than in the same period last year.

Labour states:

This means that in the first five months of the year the UK was borrowing:

o        £69.3 million more a day
o        £2.9 million more an hour
o        £48,112 more a minute
o        £802 more a second

In response, we can expect the Tories to point out that they have reduced the deficit by a quarter since coming to office (from £159bn in 2009-10 to £119.3bn in 2011-12), while arguing that the NHS figures are merely the result of an underspend, not a deliberate decision to cut.

But while George Osborne may have a good story to tell on the deficit at the moment (polling found that voters were more inclined to support the coalition's austerity measures when told that annual borrowing had fallen by a quarter), the disappearance of growth means that this trend will not continue. Forecasters expect the government to miss its deficit target for this year (£119.9bn) by as much as £30bn. For the first time since Osborne entered No. 11, borrowing is set rise in annual terms, a significant blow to his political narrative of "balancing the books". By 2015, the Tories hope, the situation will have improved, but for now, this is a powerful attack line for Labour.

George Eaton is political editor of the New Statesman.

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New Digital Editor: Serena Kutchinsky

The New Statesman appoints Serena Kutchinsky as Digital Editor.

Serena Kutchinsky is to join the New Statesman as digital editor in September. She will lead the expansion of the New Statesman across a variety of digital platforms.

Serena has over a decade of experience working in digital media and is currently the digital editor of Newsweek Europe. Since she joined the title, traffic to the website has increased by almost 250 per cent. Previously, Serena was the digital editor of Prospect magazine and also the assistant digital editor of the Sunday Times - part of the team which launched the Sunday Times website and tablet editions.

Jason Cowley, New Statesman editor, said: “Serena joins us at a great time for the New Statesman, and, building on the excellent work of recent years, she has just the skills and experience we need to help lead the next stage of our expansion as a print-digital hybrid.”

Serena Kutchinsky said: “I am delighted to be joining the New Statesman team and to have the opportunity to drive forward its digital strategy. The website is already established as the home of free-thinking journalism online in the UK and I look forward to leading our expansion and growing the global readership of this historic title.

In June, the New Statesman website recorded record traffic figures when more than four million unique users read more than 27 million pages. The circulation of the weekly magazine is growing steadily and now stands at 33,400, the highest it has been since the early 1980s.