John McDonnell MP, Labour’s Shadow Chancellor responding to the reports that George Osborne is planning to force additional cuts on the British people due to missing his own forecast, said:
“This is a total humiliation for floundering George Osborne. He has sneaked off to China to admit what Labour have been saying for months, that his recovery is built on sand. Far from paying our way, Osborne’s short-term economics means Britain is deeper and deeper in hock to the rest of the world.
"If the Bankers’ Chancellor had been doing his job properly he would be collecting taxes from Google and other tax-dodgers. Instead he is threatening the British people with paying an even higher price for his own failures.
"Labour and a growing coalition that now includes the OECD and the IMF are calling for an economy based on increased investment.
"The truth is that the biggest risk to the British economy is George Osborne.”