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