Angela Eagle MP, Labour’s Shadow Chief Secretary to the Treasury, said in response to today’s IFS Green Budget:
“This report exposes the myth that George Osborne had no choice but to cut the deficit at this speed and scale.
“The IFS makes clear that no other major economy around the world is choosing to cut the deficit this quickly. And the Tory-led government’s decision to take a different course was not, as George Osborne claims, unavoidable to satisfy the markets with the IFS saying that over the last year ‘the UK government bond market has not shown any difficulties’.
“We have been clear that George Osborne has made a political choice to cut too far, too fast and that without a plan for jobs and growth you can’t get the deficit down. The IFS report is right to warn about the serious risks to growth that our economy faces and that without growth George Osborne won’t meet his own deficit reduction targets. It’s time he heeded those warnings and got himself a plan B.”