April 22, 2024
Economy

Labour says Sunak’s pledge to grow the economy is ‘in tatters’


Labour said Rishi Sunak’s pledge to grow the economy was “in tatters” after official statistics revealed the UK economy slipped into a recession at the end of 2023. 

Data published by the Office for National Statistics this morning showed gross domestic product fell by 0.3 per cent in the fourth quarter of last year, following a 0.1 per cent contraction in the third quarter. 

The confirmation of a recession represents a set back for Rishi Sunak as his political opponents pounced on the promise he made in January 2023 to “grow the economy”. 

Rachel Reeves, the shadow chancellor, said: “Rishi Sunak’s promise to grow the economy is now in tatters. The Prime Minister can no longer credibly claim that his plan is working or that he has turned the corner on more than fourteen years of economic decline under the Conservatives that has left Britain worse off. 

“This is Rishi Sunak’s recession and the news will be deeply worrying for families and business across Britain.”

Jeremy Hunt, the Chancellor, said it was “not a surprise” to see low growth “while interest rates are high” but he insisted “there are signs the British economy is turning a corner”. 

You can follow the latest updates below and join the conversation in the comments section here



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first.
Complete the form below to subscribe to our weekly newsletter.


100% secure your website.