John McDonnell MP, Labour’s Shadow Chancellor, responding to the IFS report out today, said:

“This report highlights how this recovery is truly built on sand, as gains over the past few years from low inflation due to the falling price of oil, will be offset by the policy of this Tory government over the next 5 years.

"When you read through the detail of this report the alarming figures are that by the end of this Tory government one in four children will be living in relative  poverty with a rise to 2.6 million children living in absolute poverty.

"As the report clearly states, the government’s planned tax and benefit changes are a major reason for these rises in relative and absolute poverty over the next 5 years. If you could take out the Tory planned regressive reforms then you would be able to take out the Tory increases in child poverty too.

"This report should shame the Chancellor, as any upsides rely more on the policies of OPEC in setting oil prices than George Osborne in boosting wages. And as this report clearly states it’s Tory policies that will drive up child poverty over this parliament.

"It further proves how the Tories are holding back the aspirations of millions over the next 5 years.”