John McDonnell MP, Labour’s Shadow Chancellor, responding to the IMF report which argues that austerity policies are increasing inequality, said:

“The International Monetary Fund has summarised what a growing consensus amongst economists across the globe now think, that Osborne-style austerity economics increases inequality and instability, and undermines growth.

"It’s time for the Chancellor to listen to the experts, change course and put an end to his failed policy of austerity with a solid commitment by government to deliver an industrial strategy backed up by patient investment to create the high-tech, high-wage economy of the future.”