Double-dip recession is even deeper than thought - Ed Balls

28 June 2012

ed ballsEd Balls MP, Labour’s Shadow Chancellor, in response to today’s revised GDP figures, said:

“Day by day the evidence is growing that David Cameron and George Osborne’s economic plan has failed and a change of course is urgently needed.

“The double-dip recession is even deeper than thought and as a result borrowing is now going up to pay for the costs of economic failure. And with Britain the only G20 country other than Italy in recession, the Government cannot try to blame everybody else for their own mistakes. As we warned, raising taxes and cutting spending too far and too fast would backfire.

“We now need another u-turn from the Chancellor on his failed policies that have pushed Britain into recession. If we’re to get the deficit down, we need a more balanced plan and action now to boost jobs and growth. The longer the Chancellor clings on to his failing plan, the more long-term damage he risks doing to our economy.”