John McDonnell MP, Labour’s Shadow
Chancellor, commenting
on today’s IFS analysis of the public finances, said:
“Today’s analysis by the IFS
reveals the failure of seven years of Tory Government.
“Despite promising to balance the
books by 2015, the IFS says the UK’s public finances ‘compare unfavourably to
other advanced economies’ with the fifth largest deficit and the sixth largest
debt pile.
“The IFS points to ‘persistently
poor economic growth’ as one of the factors explaining the UK’s poor public
finances.
“It is clear that under the Tories
working people have suffered from sluggish growth, soaring debt and stagnating
pay.
“Only Labour has a proper plan for
the public finances underpinned by our Fiscal Credibility Rule, which will
allow us to grow the economy and deliver for the many, not the few.”
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