John McDonnell MP, Labour’s Shadow Chancellor, responding to NIESR analysis showing that the UK could be heading for a recession following Brexit, and the biggest monthly PMI fall in 20 years, said:

“The economic outlook for the UK is uncertain, and it’s time the Chancellor stepped up and told us what he is planning to do.

“The Government’s woeful lack of planning for the impact of the EU referendum result has only added to the uncertainty employees and employers are feeling today. Many people are understandably anxious - fearing for their jobs and worried about the future of the economy.

“It’s imperative that Philip Hammond tells us what he is planning to do about it. We can’t afford to be stuck with Osborne’s planned cuts to investment until the autumn statement.

“We must rebalance our economy and support our key industries with an industrial strategy that can provide the good secure jobs that we so desperately need.

“Labour have pledged to invest in our economy - with priority investment in those communities that have been economically neglected for years.”

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