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Independent IFS is right to say that the case for short-term action on jobs and growth is now stronger - Reeves
1 February 2012
Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, in response to the Institute for Fiscal Studies’ Green Budget, said:
“Tough decisions on tax, spending and pay are essential to get the deficit down, but so too are more jobs and strong growth. The independent IFS is right to say that the case for short-term action on jobs and growth, for example through the temporary tax cuts Labour has been calling for, is now stronger and will get stronger still if the eurozone crisis deepens.
“But rather than waiting for things to get even worse, George Osborne should take urgent action in next month’s Budget. Years of slow growth and high unemployment are not just bad for families and for the deficit, but also risk permanent damage to our economy.
“We agree with the IFS that the best form of stimulus would be a temporary cut in VAT, a cut in national insurance contributions for employers and additional infrastructure spending, which are three of the five elements in Labour’s plan for jobs and growth.”
