John
McDonnell MP, Labour’s Shadow Chancellor, commenting on today’s ONS
productivity figures, said:
“Today’s
productivity figures again confirm the Tories’ abject failure on productivity
growth, with growth slowing significantly over the last year and undershooting
even the pessimistic forecasts from the Bank of England and others.
“Productivity growth, as an enabler of higher pay, is a crucial component of rising living standards. Today’s
figures are yet more worrying news for working people who face a slump
in their standard of living under this Tory Government.
“The
ONS today said there is ‘little sign of an end to the UK’s ‘productivity
puzzle’ and there is no sign of the UK closing the record productivity gap with
other G7 economies.
“Philip Hammond has previously admitted that the UK’s productivity
gap is ‘shocking’. Yet the Tories lack a serious plan to tackle the problem.
“Only
Labour has a serious plan to invest in our future to raise our productivity and
deliver on jobs, prosperity and rising living standards.“
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