IFS right to warn that austerity is causing mass job losses and cuts to vital services, says TUC

date: 6 February 2013

embargo: For immediate release

Responding to the Institute for Fiscal Studies' (IFS) Green Budget published today (Wednesday), TUC General Secretary Frances O'Grady said:

'The IFS is right. If the government does not change course then there could be well over a million job losses in the public sector and savage cuts to vital services.

'This is the direct consequence of austerity policies that have shrunk the economy and cut living standards for millions. Even policies designed to boost investment aren't working, now that we learn that the government's Funding for Lending scheme has failed to help small businesses and instead gone to mortgages.

'The Chancellor needs a budget for growth, jobs and families. His medicine is failing to cure the patient, and has toxic side effects. As the IMF now recognises, it's time for a new approach.'

NOTES TO EDITORS:

- The IFS Green Budget is available at www.ifs.org.uk/publications/6562

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

- Follow the TUC on Twitter: @tucnews

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Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk