Pound Coins

IEA comment on latest growth figures

Commenting on today’s growth figures of -0.3%,  Mark Littlewood, Director General at the Institute of Economic Affairs, said:

“These figures are clearly very disappointing. If the government does indeed have a strategy for growth, it plainly isn’t working.

“The government’s independent forecaster had predicted the economy would be growing by about 2% or 3% by now. In fact, it is flat-lining or even slipping backwards into a triple dip recession.

“The government is failing to get public spending under control. This year alone, George Osborne will add £4,000 to the national debt for each and every British household. Far from a programme of austerity, the coalition are running up collossal budget deficits.

“In the absence of a clear programme to get public spending under control and without a determined drive to encourage business and enterprise, we can expect the UK economy to continue to falter. George Osborne’s Plan A of spending £600 billion more over this Parliament than he brings in in tax revenue is, unsurprisingly, failing to yield results.”

Notes to editors:

To arrange an interview with an IEA spokesperson, please contact Stephanie Lis, Director of Communications: 020 7799 8909, [email protected]

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

The IEA is a registered educational charity and independent of all political parties.