OBR report shows Chancellor's austerity plan is a massive failure

date: 16 October 2012

embargo: For immediate release

Commenting on the Office for Budget Responsibility's (OBR) forecast evaluation report, published today (Tuesday), TUC General Secretary Brendan Barber said:

'At the time the government set out its austerity plans, the OBR thought that the economy would grow by 5.7 per cent from 2010 to mid 2012. Instead it has grown by only 0.9 per cent.

'The economy has massively disappointed and yet the government is sticking to a fiscal plan based on decent growth forecasts.

'The Chancellor should think again and start taking action to get the economy moving.'

NOTES TO EDITORS:

- The OBR evaluation report is available at http://budgetresponsibility.independent.gov.uk/forecast-evaluation-report-october-2012/

- All TUC press releases can be found at www.tuc.org.uk

- Follow the TUC on Twitter: @tucnews

- On Saturday 20 October thousands of people from across the UK will be heading to London for A Future That Works - a march which starts on the Embankment and ends with a rally in Hyde Park. The day is being organised by the TUC in protest against the government's austerity measures and calls for a new approach which puts growth and an economy that works for ordinary families at the heart of government policy www.afuturethatworks.org

Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk