John McDonnell MP, Labour’s Shadow Chancellor responding to the Bank of England’s consumer lending figures out today, said:

“These are worrying figures that suggest this Chancellor has not learnt any of the lessons of the financial crisis, and reveal his cynical plan for the economy.

“In his time at the Treasury George Osborne has failed to meet his own targets for reducing Government borrowing; and as the Autumn Statement revealed he is basing his plan for the economy on families going further into debt.

“The Chancellor seems very content for families to be saving less and borrowing more while earnings are still below pre-2008 levels, and the concern is that we may have a debt fuelled bubble emerging with a government hoping for it to happen.

“Rather than cosying up to banks, slashing support for working families while cutting taxes for the rich, George Osborne has to wake up to the fact that families are being forced to borrow more due to the unbalanced economy that he has created.”