Responding to comments made today (Thursday) by IMF Chief
Economist Olivier Blanchard on the need to ease austerity measures, TUC General
Secretary Frances O'Grady said:
"The Chancellor's self-defeating austerity programme
is causing so much damage that even his favourite economic institution is now
telling him to think again.
"The IMF is saying what we've warned about for years
- that sharp austerity off the back of a global crash will turn a recession
into a decade long depression of low growth and high joblessness.
"Figures out tomorrow are expected to confirm that
the UK is on the brink of an unprecedented triple-dip recession. These should
give the Chancellor the perfect opportunity to heed the advice of the IMF and
use his upcoming Budget to announce a new economic strategy based on investment
and growth, rather than pointlessly painful cuts."
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