Fresh Blow For Rishi Sunak As Experts Confirm The UK Is In Recession
Rishi Sunak has been dealt another blow after it was confirmed the UK is in recession.
Fresh data released by the Office for National Statistics showed the economy shrank in the final two quarters of 2023.
That is despite the prime minister promising voters that he would grow the economy shortly after he entered No.10.
The ONS announced last month that, according to its estimates, the UK’s gross domestic product (GDP) shrank by 0.1% between June and September last year, then by another 0.3% between September and the end of the year.
This morning, they confirmed that those figures were correct.
GDP is estimated to have fallen by an unrevised 0.3% in Quarter 4 2023.
— Office for National Statistics (ONS) (@ONS) March 28, 2024
GDP growth was also unrevised for the other quarters of 2023.
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Shadow chancellor Rachel Reeves said: “Rishi Sunak has broken his promise to grow the economy and left Britain in recession, with working people paying the price.
“The Conservatives cannot claim that their plan is working or that they have turned the corner on more than fourteen years of economic failure.:
Liberal Democrat Treasury spokesperson Sarah Olney said: “These damning figures confirm the damage done to the UK economy by Rishi’s recession.”
But chancellor Jeremy Hunt insisted the government’s “plan is working”.
He said: “Inflation has fallen decisively from over 11% to 3.4%, the economy grew in January and real wages have increased for eight months in a row.
“Our cuts to National Insurance will boost growth by rewarding work and putting over £900 a year back into the average earner’s pocket.”