Responding to the International Monetary Fund (IMF) statement on the UK economy today (Wednesday), TUC General Secretary Frances O’Grady said:
‘The IMF prognosis on the UK economy is damning – this is the weakest economic recovery in recent history. Our growth prospects remain poor and young people are paying the price.
‘Worse still, much of this pain is self-inflicted. Capital investment – the best way to lift countries out of recession – is now at its lowest level since the Second World War.
‘The Chancellor should heed calls from the IMF and the TUC to bring forward capital spending. Our research shows that spending £30bn on infrastructure projects would boost growth and pay for itself in the long run.
‘The IMF is clear – strong growth is the only way to raise living standards and deal with the deficit in a sustainable way. The government must change course and prioritise a strong recovery over its never-ending, growth-sapping austerity.’
NOTES TO EDITORS:
– The IMF statement is available at www.imf.org/external/np/ms/2013/052213.htm