John McDonnell MP, Labour’s Shadow Chancellor, responding to the IMF downgrade of UK growth forecasts, said:

“Today’s report from the IMF is another blow for the Government and further highlights that they had no plan whatsoever for after a Brexit vote.

“The most urgent priority for the Government ought to be a programme of investment to help guard against economic turbulence and ensure working people across the country do not end up paying the price for Tory ineptitude.

“Instead the Chancellor refuses to clarify whether he is sticking with George Osborne’s discredited approach, involving cuts to Government investment for each of the next three years.

“Labour is calling on the Government to reverse the planned cuts to investment announced in the Budget that could see a loss of over £8bn from our economy, fast track shovel ready projects in the government’s own pipeline, and set up a National Investment Bank and a Bank of the North that can give the vitally needed infrastructure spending our economy desperately needs.”