John McDonnell MP, Shadow Chancellor, commenting on Office for National Statistics (ONS) figures that confirm the UK Government had a smaller budget surplus than expected said:

“Today’s public finances show a budget surplus that has fallen compared to this time last year. And the Treasury’s own comparisons of independent economic forecasts show a dramatic revision downwards in growth and upwards in inflation, unemployment and public sector net borrowing.

“The UK economy needs immediate investment from the Government, rather than sticking to the failed policies of George Osborne which have helped create the problem. 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.

“The country needs a different plan that will end austerity, and start to invest in the infrastructure and housing a 21st century economy demands. That’s why Labour would invest £500 billion to rebuild and transform our economy.”

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