IMF figures are damning for the Tories’ eight failed years of austerity and the failings of our entire economic model - McDonnell

John McDonnell MP, Labour’s Shadow Chancellor, responding to the IMF’s latest Fiscal Monitor report, which has shown that the UK’s public finances are close to the worst of major developed countries, said:

“These new figures are damning for the Tories’ eight failed years of austerity and the failings of our entire economic model. The worst spending cuts for generations and the privatisation of public assets has seen the Government sink deeper and deeper into the red, even as living standards decline and public services crumble.

“Labour will call time on our failed economic model. We will end the chaos of privatisation, bring public services and utilities back into public ownership, and deliver £250bn of investment across the whole country to create jobs and transform our economy for the many, not the few.”

Ends

Notes to editors 

• ·         UK public finances near the bottom of IMF league table https://www.ft.com/content/3ee09db6-cbb8-11e8-b276-b9069bde0956