Biggest fiscal risk is lack of action by ministers to stop job losses, says TUC

Commenting on the fiscal risks report published today (Tuesday) by the Office for Budget Responsibility, which warns of a sharp rise in unemployment, with the loss of income tax and NICS the ‘main driver’ of future falls in government funds, TUC General Secretary Frances O’Grady said:  

“The OBR report shows that the biggest danger to the economy is a sharp rise in unemployment. But we’re still seeing too much of a wait and see approach, with jobs in viable businesses going to the wall because ministers fail to act. 

“The chancellor should be going all out to push back the rising tide of job losses. The more people in work, the faster our recovery will be. That's the best way to support the public finances, with more people earning and paying tax.  

“We need much more government action before it’s too late, with targeted support for the hardest-hit parts of the economy. And we need major investment in social care and childcare, transport, high-speed broadband and green tech to create new jobs and build back better.”