John McDonnell MP, Labour’s Shadow Chancellor, responding to both the OECD report and the GDP figures published today, said:

“There is clearly a growing Tory threat to our economy, whether from the Conservative backbenchers screaming for Brexit despite the mounting evidence against the case, or a Tory Chancellor who is also refusing to listen to the expanding coalition of international organisations that not only warn of the risks of Brexit, but also the risks of his policy of under investing in our economy.

"It is vital for the UK that George Osborne listens to the expert advice telling him not only that we must stay in the EU, but also that he must not starve our economy of investment any longer.

"Labour would not stand by when we see a recovery built on sand due to George Osborne’s failure, we would stand up for jobs and growth by setting realistic targets to get rid of the deficit on day-to-day spending whilst allowing government the capacity to invest in the high-tech, high-wage economy of the future.”