David Hanson MP, Labour's Shadow Treasury Minister, in response to George Osborne's article in today's Daily Telegraph, said:
"George Osborne's staggering complacency about the British economy is becoming more worrying by the day.
"Tax rises and spending cuts which go too far and too fast have already knocked confidence and choked off last year's recovery. Our economy has flatlined for the last nine months - well before the problems of recent weeks - and now borrowing is set to be £46 billion higher than planned.
"Every country needs a credible plan to get their economies growing and get deficits down, but a plan is only credible if it delivers and George Osborne's reckless plan is not working. That’s why we have had warnings in the last week from the IMF and the Government’s own budget watchdog.
"Families and businesses have had enough complacency from this Chancellor. We urgently need a plan for jobs and growth in Britain and leadership on these issues on the global stage."