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

“Today’s update cannot hide George Osborne’s broken promise on the deficit or the fact the national debt now stands at £1.51 trillion.

“Under this Chancellor the national debt has soared and he has failed to build a more productive economy based on higher living standards and better wages.

“As the OECD has warned, ‘continued weak productivity’ could lead to a higher deficit yet the Budget saw productivity revised down next year and for three years after that.”

Responding to reports of further Government asset sales Chris Leslie said:

“Nobody disagrees with sensible savings to get the deficit down but the Chancellor has failed to provide any details of his latest plan.

“In the run-up to the Spending Review he should prioritise areas of public spending that raise productivity and avoid another hasty fire sale of taxpayers’ assets, such as the disposal of Royal Mail at a knock-down price.”

Ends