Chris Leslie, Labour’s shadow Chancellor, responding to today’s update on the public sector finances, said:

“George Osborne can’t sweep today’s £1.5 trillion landmark of national debt under the carpet in the hope people will forget his broken promise on the deficit.

“The reason borrowing continues to add to our national debt is a failure to create a more productive economy, with higher living standards and better wages to generate more buoyant revenues.

“The Chancellor should now pursue sensible savings in public spending and a balanced approach which supports productivity. He should listen to the OECD who say ‘continued weak productivity’ could lead to ‘a higher-than-expected budget deficit’”.

Ends