Government strategy is undermining growth

IEA comment on latest growth figures

 

Commenting on today’s growth figures of -0.3%,  Mark Littlewood, Director General at the Institute of Economic Affairs, said:



"These figures are clearly very disappointing. If the government does indeed have a strategy for growth, it plainly isn't working.
 


"The government's independent forecaster had predicted the economy would be growing by about 2% or 3% by now. In fact, it is flat-lining or even slipping backwards into a triple dip recession.
 


"The government is failing to get public spending under control. This year alone, George Osborne will add £4,000 to the national debt for each and every British household. Far from a programme of austerity, the coalition are running up collossal budget deficits.
 


"In the absence of a clear programme to get public spending under control and without a determined drive to encourage business and enterprise, we can expect the UK economy to continue to falter. George Osborne's Plan A of spending £600 billion more over this Parliament than he brings in in tax revenue is, unsurprisingly, failing to yield results."



Notes to editors:

 

To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Communications Officer on 020 7799 8909 or 07766 221 268.

ONS growth statistics can be found here.



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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