Labour

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

2. 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/

3. 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

Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, commenting on the TUC’s analysis which shows that if current trends continue the north-south divide will grow, said:

“It’s a stark exposure of seven years of Tory economic failure that the regions which are left behind in government investment are consistently those in the north of England.

“Labour will overturn our rigged economy by creating a Bank of the North to invest in the jobs of the future and that will stand up for the many not the few when it comes to government investment.”

Responding to the Government losing its court bid to delay publication of its air quality plan, Sue Hayman MP Shadow Secretary of State for Environment, Food and Rural Affairs said:

“Labour welcome the High Court decision today.

“This is the third time that the Government have lost in the courts on the issue of air quality. They must now publish their air quality plan without further delay.

“A Labour government would bring forward a new Clean Air Act, setting out how we would tackle air pollution that NHS experts say contributes to 40,000 premature deaths every year. 

“While the Conservatives shirk responsibility, Labour will deal with the dirty air damaging the lives of millions of British people.”

Diane Abbott MP, Labour’s Shadow Home Secretary, commenting on Office for National Statistics (ONS) figures showing an increase in crime over the last year, said:

“These figures are a stark reminder of Theresa May’s record of failure on policing and crime.

“Almost every force in the country recorded an increase in crime over the last year, with worrying rises in some of the most violent offences, including gun and knife crime and homicide.

“There is a real choice at this election on policing and crime.

“Theresa May recklessly cut police budgets as Home Secretary, with the loss of over 20,000 officers, and plans to cut even further if re-elected.

“Labour will stand up for the many by prioritising neighbourhood policing and bearing down on crime.”

John McDonnell MP, Labour’s Shadow Chancellor, commenting on today’s Institute For Fiscal Studies (IFS) analysis of the impact of tax and benefit changes since May 2015 on the incomes of different kinds of households, said:

“Today’s IFS analysis reveals the stark choice in this election.

“The Tories pose a clear threat to working people’s living standards. Under Tory proposals cuts to in-work support will leave working families with children an average of £2,500 a year worse off.

“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.”