Labour responds to IMF economic forecasts

Rachel Reeves MP, Labour’s Shadow Chancellor of the Exchequer, responding to the IMF economic outlook showing that the UK is forecast to have the slowest growth in the G7, along with the highest inflation in the G7 next year, said: 

“Today's IMF forecast shows the extreme challenges facing the UK economy.

“While it is true that global forces play a role, the fact that the UK is forecast to have the slowest growth of any G7 economy next year plus the highest inflation, shows the uniquely bad situation the UK is in.

“Inflation spiralling out of control this year has created a cost of living crisis hitting families across the country, needing decisive and urgent action. 

“It lays bare an economic strategy centred around low growth and high taxes. 

“With rising costs hitting families hard, the government should back Labour’s plan for a one-off windfall tax on oil and gas producer profits to cut household energy bills by up to £600.”