Labour

CBI right to criticise failure of Government's growth policies - Reeves & Umunna

Rachel Reeves MP, Labour's Shadow Chief Secretary to the Treasury, responding to the CBI director-general's interview in today's Financial Times, said:

"With Britain now one of just two G20 countries in a double-dip recession, the CBI is right to criticise the failure of the Government's growth policies.

"Our economy has now shrunk over the last 18 months, long-term unemployment is soaring, and so borrowing is now going up. George Osborne has failed to deliver on the promises of extra infrastructure investment he made last year. And bank lending to businesses continues to fall.

"The Government's plan has completely failed. That's why we need a change of course and a real plan for jobs and growth. And it's why we need a full-time Chancellor 100 per cent focused on getting our economy moving again. Without urgent action now, Britain will pay a very heavy long-term price."

Chuka Umunna MP, Labour’s Shadow Business Secretary, added:
 
"John Cridland's comments today are a damning indictment of ministers' failure to get growth going, and the chaos and confusion which has taken hold at the heart of government.
 
"Business is crying out for an effective growth strategy, but ministers' response has been to tell firms to 'work harder', showing how out of touch, and out of step with British business, they have become. The Government is refusing to listen.
 
"We need a proper plan for jobs and growth to get us out of the recession made in Downing Street. Instead, we have a part time Chancellor and a weakened Business Secretary who are refusing to change course from their failed plan."