Austerity is the right strategy

IEA respond to the latest IMF growth forecast

Commenting on the IMF’s downgrade of the UK’s growth forecast, Mark Littlewood, Director General at the Institute of Economic Affairs, said:

“The Chancellor cannot endlessly postpone his plan to get the deficit under control. Weak growth forecasts simply go to underscore that we are spending more than we can realistically afford. In the name of so-called austerity, George Osborne will actually add £600 billion more to the national debt by the end of this parliament.

“Economic growth will not come form spending ever-increasing amounts of money. We need a more radical plan to reduce spending, cut taxes and deregulate business.”

Notes to editors

To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Communications Officer: 0207 799 8900 or 07766 221 268.

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.
 


The IEA is a registered educational charity and independent of all political parties.
 

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