Rachel Reeves responds to the IMF Economic Outlook

Rachel Reeves MP, Labour’s Shadow Chancellor, responding to the IMF Economic Outlook, said:

“IMF projections that Britain will have a smaller economy by the end of the year, and the poorest growth in the G7 over this year and next, shows just how far we continue to lag behind on the global stage.

“This matters not just because 13 years of low growth under the Tories are weakening our economy, but because it’s why families are worse off, facing a Tory mortgage penalty and seeing living standards falling at their fastest rate since records began. 

“The government should be easing the cost of living crisis now, by backing Labour’s plan to freeze council tax this year, funded by a proper windfall tax on oil and gas giants.

“And they must get our economy growing - matching the ambition and plan behind Labour’s mission to secure the highest sustained growth in the G7.”