Ed Balls MP, Labour’s Shadow Chancellor, responds to today’s GDP figures
“For all George Osborne’s claims that the economy is fixed most people are still not feeling the recovery. Working people are over £1600 a year worse off since 2010 and these figures now show a concerning slowdown in economic growth too.
“We need a strong and balanced recovery that works for all working people, not just a few at the top. But under the Tories we have stagnating wages and too many people in low-paid jobs which, as the OBR said last week, are leading to rising borrowing. This plan isn’t working for working people.
“And under this government house building is it at its lowest level since the 1920s, business investment is lagging behind our competitors and exports are way off target.
“Labour’s economic plan will make Britain better off, create more good jobs and earn our way to higher living standards for all.
“We will get 200,000 new homes built a year, raise the minimum wage, cut business rates and expand free childcare for working parents. And we will balance the books as soon as possible in the next Parliament, but do so in a fairer way by reversing David Cameron’s tax cut for millionaires.”