IMF comments on UK’s “sharp contraction” – McDonnell responds
John McDonnell MP, Labour’s Shadow Chancellor, responding to the IMF’s comments on the UK’s recent “sharp contraction” in GDP, said:
“As Boris Johnson swans into office, this is an important jolt – reminding us of the impact of both the Tories’ brutal austerity and their Brexit bungle on the UK’s economic performance.
“The IMF is joining the expanding group of commentators expressing concern about the state of our economy.
“We are about to have an unelected Prime Minister – alongside under-funded public services, slumping productivity, and stagnant wages.
“It’s never been clearer that we need a general election, and a Labour Government.”
Notes to Editors
- The IMF’s July 2019 World Economic Outlook, published today, projects that growth will remain sluggish in 2019 and 2020 for the UK (1.3% in 2019 and 1.4% in 2020, compared to 1.8% in 2017 and 1.4% in 2018), even assuming an orderly Brexit https://www.imf.org/en/Publications/WEO/Issues/2019/07/18/WEOupdateJuly2019 (pp. 5 and 8).
- The IMF notes Brexit stockpiling and that monthly GDP for April “recorded a sharp contraction”: https://www.imf.org/en/Publications/WEO/Issues/2019/07/18/WEOupdateJuly2019 (p. 4).