John McDonnell MP, Labour’s Shadow Chancellor, commenting on the IMF’s report out
today, said:
“The IMF
has today played the role of the ghosts of Christmas past, present and future
to remind the Chancellor that the last seven years of Tory economic failure is
undermining our economy.
“They
confirmed the downbeat assessment last month by the OBR, highlighting low
growth, the Government’s productivity failure and neglect of the regions. The
report also confirmed what we all know, that Conservative governments are good
at cutting public services to give tax cuts to a wealthy few, but hopeless at
investing in the skills and infrastructure our country needs to develop an
economy for the many.
“As the
IMF rightly points out, despite strong global growth, UK economic growth is
revised down, and business growth is down despite Tory tax giveaways to big
business; while working households this Christmas are struggling with rising
prices and lagging wages.
“In
addition, this report can be seen as further proof that the Tories have
completely lost the economic argument. Austerity has failed and will only
continue to undermine our economy during the Brexit negotiations.
“The next Labour government will
end austerity and 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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