Wednesday 14 March 2018 / 1:07 PM Economy / John McDonnell

IFS today confirmed further bad news working families face – John McDonnell

John McDonnell MP, Labour’s Shadow Chancellor, responding to the analysis of the Spring Statement by the Institute of Fiscal Studies, said:

“The IFS today confirmed the further bad news working families face after nearly eight years of Tory economic failure. Despite the Chancellor’s spin yesterday, the IFS has revealed that there may be £30 billion of new tax rises and spending cuts to come.

“Under the Tories, it won’t be the richest who are hit by these tax rises and austerity cuts, but the poorest – largely families and children – who will bear the brunt of their heartless economic plans.

“The next Labour government will end austerity and build an economy that works for the many, not the few.”