John McDonnell MP, Labour’s Shadow Chancellor, responding to the report today from the OECD, which has dramatically slashed UK growth forecasts from 2.1% to 1.7%, said:

“Today’s OECD report once again shows the absolute failure of the Chancellor’s economic policy. Not only has productivity slumped, but the OECD also highlight the risk of further bubbles in the housing market whilst housebuilding continues at too low a level. Further proof that George Osborne’s recovery is built on sand.

"With the OECD forecasting a dramatic shock to the whole economy from a Tory Brexit, it’s clear we can’t risk failed Tory economic policy any more. We need a serious commitment from this government to invest in infrastructure and housing, backed up by a real industrial strategy to place the economy on a sound foundation and build the high-tech, high-wage economy of the future."