Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the OBR’s fiscal sustainability report, said:
"The OBR’s report sets out some of the huge challenges facing policy-makers over the coming decades, including issues like the rising cost of social care which this Government has so far failed to grasp.
"But the failure of George Osborne’s economic plan will make things worse. We are already seeing how the double-dip recession is causing borrowing to go up and an extra £150 billion added to the debt.
"And Britain will pay a very heavy economic and social price if we continue to have years of slow growth and high long-term unemployment. That is why urgent action is needed now to get the economy moving again."