Today’s report by the OBR is a damning indictment of the last seven years of Tory economic failure – John McDonnell

John McDonnell MP, Labour’s Shadow
Chancellor,
commenting on the OBR’s Forecast evaluation report out today, said:

“Today’s report by the OBR is a
damning indictment of the last seven years of Tory economic failure. We need no
more proof that their austerity approach has failed to boost living standards
or improve the long-term potential of the UK economy.

“Next month’s Budget cannot be
another exercise in kicking the can down the road by Philip Hammond, we need to
see substantial action.

“On a day when figures on
construction published by the ONS show warning signs ahead for our economy, the
mounting evidence for a change of direction from the Chancellor couldn’t be
clearer.

“This OBR report supports Labour’s
argument that weak investment is at the centre of our economy’s problems and
has damaged productivity growth.

“The next Labour government will
provide the proper investment our country needs. Our industrial strategy,
National Transformation Fund and £10ph Real Living Wage stand in stark contrast
to the Tories’ inactivity, and will help Labour build a high wage, high skill
economy for the many not the few.”