Wednesday 26 February 2020 / 12:05 AM John McDonnell

John McDonnell responds to IFS analysis

Shadow Chancellor John McDonnell, responding to IFS analysis showing £54 billion of day-to-day spending is required in the upcoming Budget to end austerity, said:

“This analysis shows the damage done by a decade of decline under Conservative governments, and the scale of investment needed even just to get back to 2010 spending levels.

“Ten years of Tory rule have brought ten years of chaotic and erratic economic policy, with 16 fiscal targets proposed and ripped up and productivity growth plummeting.

“Despite all the hype about this budget turning a page, it risks setting in train five years of disappointment. Labour will continue to call for the fair taxation and investment needed to end austerity and tackle our social and climate emergencies.”