Labour

IMF revised forecasts yet more evidence Government's economic plan has failed - Ed Balls

Ed Balls MP, Labour’s Shadow Chancellor, in response to the IMF’s revised forecasts for the UK economy, said:

“These very disappointing forecasts – with the UK seeing a bigger downgrade than any other G8 country – are yet more evidence that the Government’s economic plan has failed.

“Last autumn the IMF forecast growth of just 1.6 per cent this year and warned that if those expectations were undershot, the government should take urgent action to boost the economy including temporary tax cuts and more investment in infrastructure.

“Less than a year on, the IMF is now forecasting growth of just 0.2 per cent this year and Britain is one of just two G20 countries in a double-dip recession. And the recession means borrowing is now going up. 

“David Cameron and George Osborne must now accept they need to act to get the recovery back on track. There can no longer be any excuses for delay. We need a change of course and urgent action now to boost the British economy. If we fail to act now, and we see years of slow growth and high unemployment being entrenched, Britain will pay a heavy long term price.”