Labour

USA has grown more than four times faster than Britain - response from Ed Balls

Ed Balls MP, Labour's Shadow Chancellor, responding to US growth figures for the first quarter of 2013, said:
 
"The USA and Britain have taken different economic approaches over the last three years. While President Obama decided to support jobs and growth with a more balanced plan, David Cameron and George Osborne gambled on deeper spending cuts and tax rises.
 
"The results are clear. Since George Osborne’s last spending review in autumn 2010 the USA has grown more than four times faster than Britain – by 4.9 per cent compared to just 1.1 per cent here. And while the US economy is now 3.2 per cent larger than its pre-crisis peak we are still 2.6 per cent smaller as we suffer the slowest recovery for over 100 years.
 
"While policymakers in the US are rightly worried that even their much better growth figures are not enough, David Cameron and George Osborne seem to think a flatlining economy here in Britain is a sign of their success. It's time the Conservative-led government realised their policies are failing Britain's families and businesses and finally acted to kickstart our economy and reform it for the long-term. If they fail to do so then we will continue to lag behind in the global race.”