Ed Balls MP, Labour’s Shadow Chancellor, responding to the IMF’s World Economic Outlook, said:

“These forecasts are welcome news after three damaging years when the economy flatlined and growth forecasts were repeatedly downgraded. Yet millions of working people, who are on average £1,600 a year worse off since 2010, are still not feeling any recovery at all.

“The IMF is right to warn about an unbalanced recovery and it is concerning that growth is expected to slow down next year. The Government should also heed the IMF’s warnings about surging house prices by taking action to boost housing supply, as we have called for.

“Instead of complacently trying to claim that everything is going well, we need a government which understands that there is a deep-seated cost-of-living crisis and will act to tackle it.

“Labour’s plan will boost living standards for all, not just a few and secure a strong and balanced recovery. We will devolve economic power, get 200,000 homes built a year, cut business rates, freeze energy prices while we reform the market and expand free childcare to make work pay.“