Revised growth figures should set alarm bells ringing in Downing Street

Ed Balls MP, Labour’s shadow chancellor, said in response to today’s revised growth figures:

“These deeply concerning figures show the British economy has stagnated since the autumn of last year, well before the eurozone crisis. They should set alarm bells ringing in Downing Street and the Treasury. They show things are even worse than we thought and that the economy has not grown at all for nine months.

“It is deeply out of touch for Ministers to claim Britain is a safe haven when our recovery was choked off last autumn, well before the problems in the eurozone and global markets of recent months.

“David Cameron and George Osborne urgently need to realise that spending cuts and tax rises which go too far and too fast have hit consumer confidence, killed the recovery and pushed up unemployment. This will just make it harder and harder to get the deficit down and the government is already set to borrow £46 billion more because of slower growth and higher unemployment.

“As today’s figures show families struggling with higher food and energy prices, rising unemployment and the VAT rise are already struggling to get by and cutting back. They don’t need an out of touch Prime Minister lecturing them about paying off their credit cards.

“What they do need is a Prime Minister and Chancellor with the strength to realise their plan is hurting but not working. There is a better way and Labour has set out a clear five point plan to create jobs, help struggling families and support small businesses. I hope that in his speech this afternoon David Cameron adopts one or more of these measures. He needs to come up with a plan for jobs and growth and he needs to do it fast.”

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Posted October 5th, 2011 by Ed's team