Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the IMF’s latest growth forecasts for the UK economy in its World Economic Outlook update, said:
“Following this week’s rising borrowing figures, these downgraded growth forecasts for Britain are yet more evidence that the Government’s economic policies are failing. Growth forecasts have been downgraded again this year and by more than any advanced economy other than Japan next year.
“The IMF said over a year ago that a plan B would be needed in Britain if growth was to turn out lower than expected. Since then we’ve had a double-dip recession, yet more growth downgrades and borrowing rising as a result, so there can be no question that a change of course is desperately needed. But instead of taking action to kick-start our economy David Cameron has spent the last few months obsessing about Europe.”