Chancellor Rishi Sunak and Labour's Pat McFadden respond to the January GDP statistics

The Chancellor's has responded to the ONS GDP monthly estimate for January 2022 . 

Chancellor of the Exchequer, Rishi Sunak said:

 “We have provided unprecedented support throughout the pandemic, which has put our economy in a strong position to deal with current cost of living challenges. We are continuing to help people where we can, including through over £20 billion of support this financial year and next.

“We know that Russia’s invasion of Ukraine is creating significant economic uncertainty and we will continue to monitor its impact on the UK, but it is vital that we stand with the people of Ukraine to uphold our shared values of freedom and democracy and ensure Putin fails."

Pat McFadden, Shadow Chief Secretary to the Treasury, responding to GDP figures, said:

“This morning's data provides little comfort as households look ahead to a year of surging inflation, weak earnings growth and tax rises.

“The Tories have let the cost of living crisis spiral since September - and now they’re going to make it worse by hitting working people and businesses with a tax hike at the worst possible time.

“The Conservatives should halt their National Insurance hike in April – and they must look again at Labour’s proposal for a one-off windfall tax on oil and gas producers to cut household energy bills by up to £600.”