Rebecca Long-Bailey MP, Labour’s Shadow Chief Secretary to the Treasury, responding to today’s ONS Public Sector Finances and OECD Economic Outlook report, said:

“Today’s figures from the ONS are disappointing and show that the Tories’ approach to public finances continues to fail.

"Britain is on hold until Phillip Hammond decides whether he will break with the failed austerity approach of George Osborne and kick start the investment that businesses and their employees are crying out for.

"Labour’s National Investment Bank and regional development banks would help invest in our economy to rebuild and transform Britain.

“The OECD report today has also re-affirmed the need for more support for the economy from Phillip Hammond when he makes his Autumn Statement later this year.”