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“I completely consider that the financial system has turned a nook and we’re now pointing in the correct path.”
Rishi Sunak has been brutally mocked on-line after predicting that the UK financial system had turned a nook and was on the up, lower than 24 hours earlier than official stats revealed that the financial system had actually entered recession.
Figures launched by the Workplace for Nationwide Statistics confirmed that gross home product (GDP) fell by a bigger than anticipated 0.3% within the three months to December after a decline in all primary sectors of the financial system and a collapse in retail gross sales within the run-up to Christmas.
The UK noticed no financial progress 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.
A clip being shared on X (previously Twitter) exhibits Sunak talking to the primary assembly of the 2024 Enterprise Council on February 14, the place he says: “I completely consider that the financial system has turned a nook and we’re now pointing in the correct path.”
He added: “Everyone seems to be predicting us to develop this yr. I believe PwC has mentioned that we’re going to outperform from France, Germany and Japan this yr.”
Information that the UK has entered recession will likely be one other blow for Sunak’s authority, on condition that he made ‘rising the financial system’ one in all his 5 key pledges to voters when he took workplace.
Rachel Reeves, the shadow chancellor, mentioned: “Rishi Sunak’s promise to develop the financial system is now in tatters. The prime minister can 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 likely be deeply worrying for households and enterprise throughout Britain.”
Basit Mahmood is editor of Left Foot Ahead
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