Wednesday 24 January 2018 / 2:49 PM Economy / John McDonnell

John McDonnell responds to Robert Chote confirming that growth is weaker because of austerity

John McDonnell MP, Labour’s Shadow Chancellor, responding to Robert Chote’s comments to the New Statesman today in which he confirms that growth will be weaker over the next couple of years because of the Government’s austerity measures, said:

“This is an extremely damning indictment of the last seven years of Tory economic policy from one of the most senior economists in the country.

“It is another nail in the coffin for this Government’s economic credibility when the head of the independent watchdog whose job is to monitor our public finances is admitting that the central economic policy since 2010 is harming growth.

“He further confirms that more infrastructure spending, as Labour has consistently called for, would instead help economic growth; and that the Chancellor is not doing all he can do to support our economy.

“The next Labour government will end austerity, and provide the serious investment our country needs, underpinned by our Fiscal Credibility Rule, to build a high wage, high skill economy for the many, not the few.”