“Rishi Sunak’s promise to grow the economy is now in tatters."
The UK economy entered recession at the end of last year, according to the latest figures from the Office for National Statistics (ONS).
The news is a massive blow for Rishi Sunak, who had pledged to ‘grow the economy’ as one of his five pledges to voters when he took office.
According to the ONS, gross domestic product (GDP) fell by a larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and a collapse in retail sales in the run-up to Christmas.
The UK saw no economic growth between April to June and a 0.1% contraction in July to September, ONS revisions show, confirming a second consecutive quarter of falling national output-which means the country has hit a recession.
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 14 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.”
It was only yesterday that Sunak said: “I absolutely believe that the economy has turned a corner and we’re now pointing in the right direction”.
LFF columnist Prem Sikka posted on X: “UK economy fell into recession at the end of last yr.
“Crisis made by the Govt – Real wage cuts, high rents & interest rates; no curbs on profiteering; soaring cost-of-living. Govt doing more of the same, enriching a few. Must redistribute income/wealth.”
Basit Mahmood is editor of Left Foot Forward
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