Friday 26 May 2017 / 11:14 AM 2017 Press Archive / The Latest from Labour

Tory spending plans will hit public services and the economy – John McDonnell

John McDonnell, Labour’s Shadow
Chancellor, 
responding to the IFS manifesto
analysis, said:

“The IFS assessment of the
Conservatives is clear: their plans would damage our economy and public
services with five more years of damaging austerity. 

“They also confirm that the
Tories have not specified any additional funding for the NHS,
meaning a continued crisis in our health service if they are re-elected next
month. The Tories plans on schools will mean continuing to sell away our
future, with continued real terms cuts to per pupil spending.

“Today has confirmed that only a
Labour Government would give our NHS and schools the essential funding
they need, and that our increase in infrastructure investment would boost
GDP and tax receipts. The IFS confirms that Labour are on target to meet
our manifesto commitments in regards to our Fiscal Credibility Rule, to balance
the budget on day to day spending in the coming parliament
and have debt falling as a share of GDP as we have committed.

“We believe the IFS has
underestimated the revenue raising effectiveness of some of
the tax changes we would make, but we recognise the potential for
uncertainty which is why we have allowed headroom in our plans.

"The only numbers we saw in the
Tory manifesto were the page numbers. But what has become clear
today is the choice at this election – continued austerity and falling living
standards under the Tories, or higher wages and increased investment in
our public services and infrastructure under Labour.”