'It’s EASY to say that!' IFS chief slams Labour for 'throwing around' investment figures
AN IFS chief on the BBC’s Andrew Marr Show slammed the Labour party for throwing around “big numbers” saying it was “very easy” to talk the talk but it may not improve the economy.
IFS chief slams Labour for ‘throwing around’ investment figures
Paul Johnson, director of the Institute for Fiscal Studies, said Labour party plans to spend £250billion if it was in Government could fail the country.
It comes as Labour frontbencher Emily Thornberry caused the BBC Question Time audience to erupt with laughter last week as she got tongue-tied when naming a country which has benefitted from Jeremy Corbyn's type of socialism.
Speaking on the Andrew Marr Show, Mr Johnson commended Chancellor Philip Hammond, who in this week’s Autumn Budget announced a new £2.5 billion investment fund and £500 million for the tech industry.
Andrew Marr said: “Can I ask you about the Labour proposal that you can spend £250billion over ten years and you get that back in greater economic growth.
IFS chief Paul Johnson said it was "very easy" for Labour to throw "big numbers" about
It’s very easy to talk about big numbers
“If you put the investment in, the growth comes afterwards?”
Mr Johnson replied the vital aspect of investment is “how you spend it”.
He said: “The most important thing about investment is how you spend it. It’s very easy to talk about big numbers and actually to be fair to the current Chancellor, he is increasing investment to its highest fraction, highest levels of proportion of GDP that it’s been in at least 40 years.”
Ms Thornberry was pressed to give a successful example of socialism last week after she pledged her party would spend £250billion if it was in Government.
A member of the Newcastle Question Time audience said: “I’d like to hear an example of a country where Corbyn and McDonnell’s economic ideas have worked.”
In a moment of embarrassment, the Shadow Foreign Secretary seemed unable to think of a successful example of a country where her party’s policies had been implemented.
Avoiding David Dimbleby’s instructions to name “one country”, the senior Labour politician appeared to try and stall for time.
As the audience laughed at her inability to answer the question Mrs Thornberry said: “I would suggest that actually, the Labour party is a social democratic party, pretty much from the centre of Europe.”
John McDonnell refuses to give an answer to Brexit bill question
And Labour's John McDonnell came under pressure after he refused to answer a question on key economic figures – instead claiming the figures were on his iPad.
The shadow chancellor used the bizarre excuse when asked how much it would cost to service Government debt, during a painful interview with BBC Radio 4's Today programme.
The shadow chancellor insisted the bill would simply "pay for itself" after being asked the same question eight times.