Over 100 countries better prepared than UK for slowdown

Philip Hammond has attacked Labour after it was revealed that over 100 countries are better prepared than the UK to weather the economic slowdown.

According to the World Economic Forum, 104 countries were better prepared than the UK at the start of the downturn, and our budget deficit of 3% was only marginally better than that of Ethiopia, Nicaragua, and Tunisia.

We have also fallen from 9^th to 12^th place in the international competitiveness league table.

Philip, Shadow Chief Secretary to the Treasury, said, “Stealth taxes, a persistent skills gap, red tape and poor management of the public finances have all taken their toll on Britain’s reputation as a place to do business.”