These figures are very concerning, with the trade deficit growing at a time when we are negotiating our exit from the EU further exposing the lack of direction at the top of government – McDonnell

John McDonnell MP, Labour’s Shadow Chancellor, commenting on today’s ONS publications that show the savings rate falling, the trade deficit growing, sluggish growth in consumer spending and falling wages, said:

“These figures are very concerning, with the trade deficit growing at a time when we are negotiating our exit from the EU further exposing the lack of direction at the top of government.

“What is deeply worrying, in a week when we have also seen figures on soaring consumer borrowing, is that today’s data show a stark drop in savings alongside sluggish growth in consumer spending and a fall in disposable income. This suggests that the crisis in earnings not keeping up with prices means that many working households are struggling to make ends meet.

"Only a Labour government will introduce a £10 per hour minimum wage and build a high wage, high skill economy of the future.”