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John McDonnell responds to ONS releases

Friday, 29 March 2019 11:23

John McDonnell MP, Shadow Chancellor, responding to figures showing four consecutive quarters of tumbling business investment and a widening current account deficit, said: “These figures paint a bleak picture of the economy under this broken Tory Government. “Amidst the Government’s Brexit bungling, the Chancellor has repeatedly failed to get a grip on tumbling business investment, high household borrowing, weak growth, and a widening...Request free trial

John McDonnell MP, Shadow Chancellor, responding to figures showing four consecutive quarters of tumbling business investment and a widening current account deficit, said:

“These figures paint a bleak picture of the economy under this broken Tory Government.

“Amidst the Government’s Brexit bungling, the Chancellor has repeatedly failed to get a grip on tumbling business investment, high household borrowing, weak growth, and a widening current account deficit.

“We need a general election to bring an end to the Tories’ chaotic management of Brexit and reckless economic management.”

Ends

Notes to Editors:

· Revised ONS business investment figures out today confirm that the UK has faced four consecutive quarters of falling business investment: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/businessinvestment/octobertodecember2018revisedresults
· ONS quarterly sector accounts for the fourth quarter of 2018, out today, show an “unprecedented ninth consecutive quarter of net borrowing for households … meaning that they either had to draw down their assets or build up liabilities to fund their day to day economic activity”: https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/bulletins/quarterlysectoraccounts/octobertodecember2018
· ONS quarterly economic commentary for the fourth quarter of 2018, out today, confirms a 1.4% increase in GDP in 2018, “the weakest annual growth rate since the financial crisis”: https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/quarterlyeconomiccommentary/octobertodecember2018
· ONS balance of payments figures for the fourth quarter of 2018, out today, note that “the UK current account deficit widened” to “4.4% of gross domestic product”, the largest deficit recorded since the third quarter of 2016: https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/balanceofpayments/octobertodecember2018
· ONS revised quarterly estimates of GDP for fourth quarter of 2018 confirm that GDP increased by just 0.2% in the fourth quarter of 2018: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/octobertodecember2018