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Ed Balls MP, Labour's Shadow Chancellor, in response to the OECD's economic forecasts today, said..

"A double-dip recession can and should be avoided. But after 15 months of zero growth under George Osborne simply avoiding a technical recession is not good news for our economy.

"Why is Britain not starting to grow strongly again with falling unemployment, like in America? The answer is that George Osborne choked off the recovery and sent unemployment soaring with tax rises and spending cuts which go too far and too fast. And it has badly backfired because he's now borrowing £150 billion more to pay for the cost of this economic failure.

"Last year the deputy head of the OECD said if growth is slower than expected the Government should slow down the pace of tax rises and spending cuts. That is what the OECD is now forecasting and, with our economy flatlining for over a year, it's time the Chancellor listened to wise advice.

"We need a real plan for jobs and growth, like Labour's five point plan, to get our economy moving again and get Britain back to work. That is how we will get our deficit down in a fairer, better way."

Written by Scott Buckler
Thursday, 29 March 2012 11:11

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