"Another dismal day for growth in the UK economy. Appalling Tory decisions (and failures to make decisions) have left us stuck in a low growth, high tax trap.”
The UK economy shrank at its fastest pace in seven months in July, contracting by 0.5% amid industrial action and extremely wet weather, further increasing fears of a recession.
While economists had expected the economy to shrink by 0.2% in July, the economic performance was worse than expected, after the latest figures were released by the Office for National Statistics (ONS).
The ONS said that strikes by junior doctors reduced health service activity, while retailers who had benefited from a warm June suffered in July, which was the sixth wettest on record.
Strike action saw senior doctors and radiographers striking over pay on two days each, and junior doctors walking out on five days in the month. The repeated refusal of Tory ministers to reopen pay talks led to strikes.
Rachel Reeves, Labour’s Shadow Chancellor, said the new statistics on Wednesday marked “another dismal day for growth” and that the “Conservatives’ low growth trap” was “leaving working people worse off”.
Reacting to the news, Labour MP Chris Bryant posted on X, formerly Twitter: “Another dismal day for growth in the UK economy. Appalling Tory decisions (and failures to make decisions) have left us stuck in a low growth, high tax trap.”
Carol Vorderman posted: “BREAKING: UK economy shrinks by a huge 0.5% in July as recession risks rise
“Also.. expect an increase in inflation figures plus many warnings of bank rate rise in coming weeks
“Tory economics? Keep tax benefits for the rich while making others suffer.”
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