Sobering report from Bank of England shows why this is time for action not complacency

Ed Balls MP, Labour’s shadow chancellor, responding to the Bank of England’s quarterly inflation report, said:

“This sobering report shows why David Cameron and George Osborne’s deeply complacent approach to the economy is so misplaced. Their failing policies have seen two years of almost no growth and the Bank of England is now forecasting lower growth and higher inflation than just a few months ago.

“The complacent thing for the government to do now is simply sit back and hope things will get better, but the cautious approach would be to act now to secure and strengthen our economic recovery.

“Britain needs a plan to create the jobs and growth we need to get deficits down, including using funds from the 4G auction to build 100,000 affordable homes and create hundreds of thousands of jobs. We also need action to ease the squeeze on people on middle and low incomes rather than a tax cut for millionaires and long-term reforms to strengthen our economy.”

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Posted November 14th, 2012 by Ed's team