Tuesday 17 January 2017 / 3:57 PM 2017 Press Archive / The Latest from Labour

OBR report lays bare the reality of six years of Tory economic failure – John McDonnell

John
McDonnell MP, Labour’s Shadow Chancellor,
commenting on today’s OBR report
on Fiscal Sustainability, said:

“Today’s
OBR report on fiscal sustainability lays bare the reality of six years of Tory
economic failure.

“Philip
Hammond was forced to drop Osborne’s discredited fiscal targets at last year’s
Autumn Statement; today the OBR now casts doubt on the ability of Hammond to
make good on his new fiscal targets.

“Far
from moving into surplus in the next Parliament, today’s report shows that the
budget deficit is set to rise in the next parliament, from 0.7 per cent of GDP
in 2021-22, to 1.8 per cent by 2025-26.

“The
public finances will only be returned to health once we have an economy fit for
the twenty-first century. Only Labour has a plan for a high-wage, high-skilled
and high-growth economy.”