John McDonnell MP, Labour’s Shadow
Chancellor, commenting
on Public Sector Finance figures published today by the ONS, which show
borrowing has increased by £500 million to £8 billion from last year, and that
£147.8 billion has been added to the national debt since October 2016, said:
“These figures are a reminder of the
continued failure of both Philip Hammond and Theresa May over these past seven
years. The deficit has still not been eliminated as they promised it would be
by 2015, and the national debt continues to grow. The rise in the Government’s
deficit over October shows once again that seven years of Tory spending cuts
have caused pain and misery for millions with little to show for it.
“It further highlights why it is so vital
that we see a change of course in the Budget tomorrow, halting the
growing emergency in our public services and ending their failed austerity
policies.
“The next Labour government will set
out a serious plan for the public finances with strategic investment underpinned
by our Fiscal Credibility Rule, to help build a high-wage, high-skill economy
for the many not the few.”
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