GEORGE Osborne's economic strategy is more about increasing corporate profits and further enriching the wealthy than tackling the deficit, leading communists have warned.

The Chancellor's Autumn Statement saw more spending cuts announced while more money was handed to business in tax and rates relief, the Communist Party political committee noted on Wednesday night.

"Yet while the Tories and their Lib Dem helpers again fall short of their deficit reduction targets and the national debt continues to grow, there is no negative reaction in the bond or currency markets," declared CP general secretary Robert Griffiths.

"That's because the City is satisfied that the coalition is delivering on its real agenda of privatisation, tax cuts for the rich and big business and a flexible labour market which drives down pay, employment terms and conditions and trade unionism."

The CP leader accused the Chancellor and the "monopoly mass media" of perpetrating a "gigantic fraud" on the working class of Britain.

"There has been no economic recovery as far as output per head of population is concerned," Mr Griffiths argued.

He explained that while Britain's GDP has now returned to pre-recession levels, it's taking several million more people to produce it.

While Britain's communists welcomed the transfer of more tax powers to the Scottish Parliament and government, they opposed any devolution of corporation tax and employment law including the national minimum wage.

"We want to see the Scottish and Welsh legislatures using new powers to challenge big business control of the economy, led by a united labour movement - not to lower wages and boost profits in a race to the bottom," CP international secretary John Foster insisted.