Labour

The Government is ploughing on regardless with policies that are hurting but not working - Ed Balls

Ed Balls MP, Labour’s Shadow Chancellor, responding to the Bank of England’s quarterly inflation report, said:
 
“The Bank of England has once again slashed its growth forecast for Britain, but despite this the Government says it will just plough on regardless with policies that are hurting but not working.

“With Britain pushed into a recession made in Downing Street this complacency is not good enough. Slow growth and rising long term unemployment will cause long-term damage to Britain’s economy and means £150 billion in extra borrowing to pay for economic failure.
 
“But the Governor is right to warn of a coming storm from Europe. That is why we warned George Osborne not to rip up the foundations of the house and choke off Britain’s recovery with spending cuts and tax rises that go too far and too fast. The Chancellor ignored those warnings and his failed policies have left us in a weaker position with Britain pushed into recession which France and Germany have avoided.
 
“What happens in the eurozone in the coming weeks and months will have an impact on our weakened economy. That is why David Cameron should be pushing for a proper European Central Bank firewall and a balanced plan for jobs and growth in Britain and across Europe. It’s time the Prime Minister realised that without economic growth you can’t get deficits down.”