John
McDonnell MP, Labour’s Shadow Chancellor, responding to the Organisation
for Economic Co-operation and Development in its latest economic outlook, said:
“The
OECD has added its fears to those of the Office for Budget Responsibility about
the UK economy under the Tories.
“These
figures further underline the complete failure of seven years of austerity and
the damage it has done to our economy. They also highlight that the UK is facing
the harshest austerity measures in the OECD, with household debt a concern and
growth expected to remain low for years to come.
“It’s
clear that the Tories’ austerity approach has not only failed in its stated aim
to eliminate the deficit, it is having real consequences for wages and growth
across the economy.”
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