Today’s GDP figures reveal the threat to living standards under the Tories – McDonnell

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John McDonnell MP, Labour’s Shadow Chancellor, commenting on today’s lower than expected GDP figures, said

“Today’s GDP figures reveal the threat to living
standards under the Tories.

“Growth for the first three months of 2017 was only
half of what was expected. It comes on the back of new forecasts last week from
leading independent forecasters showing growth and earnings expectations
slashed and inflation revised up.

“There is no hiding from the truth. The Tories’
economic plan has undermined the UK economy and is a threat to working people’s
living standards.  

“This General Election is a choice between a Labour
Party who will stand up for the many and a Tory Party which only looks after
the privileged few.” 

Ends

Notes to editors:


  1. UK
    GDP Q1 2017 was 0.3 per cent.

ONS, GDP, April 2017

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/grossdomesticproductpreliminaryestimate/jantomar2017


  1. The
    OBR were forecasting GDP growth for Q1 of 0.6 per cent.

OBR, Economic and fiscal outlook, March
2017, Table 3.2

http://budgetresponsibility.org.uk/efo/economic-fiscal-outlook-march-2017/


  1. The
    most recent HM Treasury comparison of independent forecasts for the UK
    economy show the below.



GDP 2017

Independent
median- 1.8%

OBR forecast-
2%

Difference-
-0.2%

Average
earnings 2017

Independent
median- 2.4 %

OBR forecast-
2.6%

Difference-
-0.2%

Inflation Q4
2017

Independent
median- 3.1%

OBR forecast-
2.7%

Difference-
+0.4%

 

GDP 2018

Independent
median- 1.3%

OBR forecast-
1.6%

Difference-
-0.3%



Inflation Q4
2018

Independent
median- 2.5%

OBR forecast-
2.2%

Difference-
-0.3%

Treasury,
Forecasts for the UK economy: a comparison of independent forecasts, 19 April
2017

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/609054/Forecasts_UK_Economy_April_2017.pdf

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