Friday 21 June 2019 / 10:04 AM Economy / John McDonnell

Borrowing above forecast – McDonnell responds

John McDonnell MP, Labour’s Shadow Chancellor, responding to news that borrowing in the latest full financial year was £1.2 billion more than had been forecast by the Office for Budget Responsibility, said:

“With increased government borrowing, it’s clear the Tories are too busy talking up tax cuts for the wealthy to prepare the economy for the potential disaster of a no-deal Brexit.

“They have broken their pledge to eliminate the deficit by 2015, and have overseen stagnating wages driven by slumping business investment and productivity.

“Only a Labour Government will deliver the radical transformation that is desperately needed to boost living standards and protect future generations.”

 

Notes to Editors

 

The ONS today reported that government debt by the end of May 2019 was £1.806 trillion (about 83% of GDP), an increase of £25 billion on May 2018; and borrowing in the latest full financial year was £24.0 billion, £1.2 billion more than the £22.8 billion forecast by the OBR in March 2019: https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/may2019

 

George Osborne confirmed in 2010 his aim to eliminate the deficit by 2015: https://www.conservativehome.com/parliament/2010/10/george-osborne-confirms-intention-to-eliminate-deficit-by-2015-in-first-commons-clash-with-alan-john.html