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“Rishi Sunak’s promise to develop the economic system is now in tatters.”
The UK economic system entered recession on the finish of final 12 months, in line with the newest figures from the Workplace for Nationwide Statistics (ONS).
The information is a large blow for Rishi Sunak, who had pledged to ‘develop the economic system’ as one in every of his 5 pledges to voters when he took workplace.
In line with the ONS, gross home product (GDP) fell by a bigger than anticipated 0.3% within the three months to December after a decline in all important sectors of the economic system and a collapse in retail gross sales within the run-up to Christmas.
The UK noticed no financial development between April to June and a 0.1% contraction in July to September, ONS revisions present, confirming a second consecutive quarter of falling nationwide output-which means the nation has hit a recession.
Rachel Reeves, the shadow chancellor, stated: “Rishi Sunak’s promise to develop the economic system is now in tatters. The prime minister can now not credibly declare that his plan is working or that he has turned the nook on greater than 14 years of financial decline underneath the Conservatives that has left Britain worse off.
“That is Rishi Sunak’s recession, and the information will probably be deeply worrying for households and enterprise throughout Britain.”
It was solely yesterday that Sunak stated: “I completely imagine that the economic system has turned a nook and we’re now pointing in the appropriate course”.
LFF columnist Prem Sikka posted on X: “UK economic system fell into recession on the finish of final yr.
“Disaster made by the Govt – Actual wage cuts, excessive rents & rates of interest; no curbs on profiteering; hovering cost-of-living. Govt doing extra of the identical, enriching a couple of. Should redistribute revenue/wealth.”
Basit Mahmood is editor of Left Foot Ahead
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