We need an urgent change of course in next month’s Spring Statement – John McDonnell
John McDonnell MP, Labour’s Shadow Chancellor, commenting on the Public Sector Finance figures published today by the ONS, said:
“These figures further underline why we need an urgent change of course in next month’s Spring Statement. After nearly eight years of Tory economic failure the Government should halt the growing emergency in our public services and end the failed Tory austerity cuts.
“They also explain why Philip Hammond is so desperate to hide from his poor record as Chancellor by playing down the Spring Statement.
“The Tories promised to eliminate the deficit by 2015, but official forecasts for the deficit have been revised upwards for this Parliament, since Philip Hammond became Chancellor. The national debt continues to grow, despite the accountancy tricks the Chancellor attempted in his Budget last year with Housing Association debt to hide his failure on the economy.
“The next Labour government will set out a serious plan for the public finances with strategic investment underpinned by our Fiscal Credibility Rule, to help build a high-wage, high-skill economy for the many not the few.”