Tuesday 30 October 2018 / 4:46 PM Economy / John McDonnell

John McDonnell comment on IFS budget response

John McDonnell MP, Labour’s Shadow Chancellor, commenting on the IFS’ Budget response, said:

“The IFS has confirmed that this is a broken promise Budget with austerity set to continue for years, shredding essential public services like our local councils, police, and prison services. As the IFS acknowledges there was nothing to celebrate for many of those at the frontline of our public services.

“The IFS makes clear there are still over £4 billion of welfare cuts to come, on top of the dreadful suffering Universal Credit and other social security cuts have inflicted.

“There has been nothing balanced about an economic approach that has failed to address the fundamental weaknesses of our economy. Forecast growth remains well below its historic average. Productivity and business investment forecasts are revised down across the period.

“The next Labour government will tax the rich and big corporations to end austerity, fund our public services properly, and build an economy that works for the many, not the few.”