John McDonnell MP, Labour’s Shadow Chancellor, following the decision of the Monetary Policy Committee to cut interest rates and implement a package of measures, said:

“Now that the Bank of England has confirmed that they are taking action to support the economy through difficult times, it’s time for the Chancellor of the Exchequer to step up and shoulder his share of responsibility for economic stability.

"Britain cannot afford to repeat the mistakes of George Osborne’s failed approach. Britain is on hold waiting for Philip Hammond to tell us whether he will stick to his predecessor’s planned cuts to investment, and firms and households can’t wait until the autumn to find out. It’s essential that the monetary authorities are given all the tools they need but also that fiscal policy is allowed to work alongside monetary policy to guard against economic downturn. The more the Chancellor dithers, the greater the potential cost to the British economy.

"Labour would inject £500bn into the economy, directly and through national and regional development banks, to rebuild and transform our economy.”

Ends