Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to David Cameron’s interview in the Daily Telegraph suggesting that the deficit will not be brought down until 2020, said:
"This is a significant admission from David Cameron that his economic plan has failed.
"He and George Osborne told the British public that deeper and faster spending cuts and tax rises would secure the recovery and balance the books by 2015. But the Government's reckless policies have delivered a double-dip recession and rising long term unemployment, which is why borrowing is now going up.
"Instead of shrugging his shoulders and accepting things will just get worse, David Cameron should be taking urgent action to get the economy moving again. We need a change of course and a real plan for jobs and growth to get the deficit down and prevent long-term damage being done to our economy."