John
McDonnell MP, Labour’s Shadow Chancellor, commenting
on the IMF’s report out today, said:
“The
IMF report out today is yet another blow to the Chancellor’s already crumbling
economic credibility – it is no wonder many of his fellow colleagues in his own
party are calling for him to be sacked.
“With
nearly all other advanced economies recovering at a faster rate than the UK, alarm
bells should be ringing at the Treasury. Philip Hammond’s plans to continue the
austerity policies of his predecessor are failing.
“The
IMF’s confirmed downward revision to the UK’s growth has also made clear that
seven years of Tory economic failure has left our economy fundamentally
weakened. On a day when other worrying data and reports have been published
highlighting the failure of Tory austerity, this directionless Chancellor needs
to follow Labour’s lead and urgently change course.
“The
next Labour government will provide the proper investment our country needs,
underpinned by our Fiscal Credibility Rule, to build a high wage, high skill
economy for the many not the few.”
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