Rebecca Long-Bailey MP, Labour’s Shadow Chief Secretary to the
Treasury, responding to GDP figures published today, said:
“While we welcome today’s Q4 GDP figures, growth for 2016 as a whole is
lower than 2015, and lower than forecast by the OBR just two months ago in the
Autumn Statement. It is clear that the Tories’ rigged
economy simply isn’t delivering for the majority of people in
Britain. Prices are rising but earnings are still
below where they were before the financial crash. As a result, we have
extremely high levels of household debt as people struggle to make ends meet on
incomes alone.
"Manufacturing is bumping along without proper support from government to
power it through Brexit, even the Bank of England acknowledged recently that
our economy was being driven by consumer spending rather than trade and export.
This is clearly not a Government serious about making sure that we support British
industry and claim a prestigious place at the world’s table as we leave the
European Union.
"Labour will fix our rigged economy with a real living wage, expected to
be £10 an hour by 2020, and the long-term, patient investment we need to
make sure that businesses thrive and that nobody and no community is
left behind.”
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