Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, speaking after Prime Minister’s Questions and ahead of tomorrow’s economic growth figures, said:
“The Prime Minister seems to have let slip what we already knew – that the Olympics will help Britain finally emerge from the longest double-dip recession since the Second World War.
“The question is what the underlying growth rate of the economy is when we strip out the one-off Olympics and Bank Holiday effects. What really matters for jobs, living standards and the deficit is whether there is a strong and sustained recovery and whether and how we can catch up all the ground we have lost over the last two years.
“Growth of one per cent would simply mean the economy is the same size as a year ago. A one-off boost from the Olympics is no substitute for a long-term strategy and should not breed yet more complacency from David Cameron and George Osborne.”<div>