The prime minister and chancellor had been in lockstep as they reacted to Friday morning’s GDP figures.
“Disappointing”, the PM’s spokesperson mentioned, echoing Rachel Reeves’s phrases two hours earlier.
The UK economic system shrunk for a second month, contracting 0.1% in October.
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‘Small companies want the assist now’
The federal government’s message: bear with us, it should take quite a lot of months to make up for years of financial stagnation; theirs is a long-term, sustainable plan reasonably than a short-term sugar rush.
They are going to want public persistence to carry.
Labour’s promise to turbocharge financial progress has already hit hassle.
We do not understand how greater Nationwide Insurance coverage contributions will weigh on enterprise and financial exercise, or whether or not formidable plans to construct homes will quantifiably impression progress by the subsequent normal election.
There’s additionally the query of what the second Trump presidency, and his discuss of tariffs, will imply for the UK economic system.
The quickest progress within the G7 remains to be the official goal, however it seems more and more troublesome to attain.
What’s fascinating is that Quantity 10 seems to be speaking rather less about progress and the general financial outlook, and extra about private funds.
Final week, Sir Keir Starmer introduced the brand new goal of delivering greater dwelling requirements throughout each area of the UK.
His spokesperson mentioned on Friday the federal government’s plan for change is about “the type of growth people feel in everyday lives”.
It’s a delicate however essential shift in language.
Regardless of the wording, the federal government will doubtless be judged on whether or not individuals really feel materially higher off by the point of the subsequent election. Whether or not detrimental or optimistic headlines about GDP figures reduce via.
Six months because the election, the economic system is smaller than after they got here into workplace.
The PM and chancellor may have public persistence to carry for some time but.
