The Chancellor has responded to the ONS October GDP statistics.
He said:
“It is inevitable GDP will be subdued whilst interest rates are
doing their job to bring down inflation. But the big reductions
in business taxation announced in the Autumn Statement mean the
economy is now well placed to start growing again"
, Labour’s Shadow Chancellor
of the Exchequer, responding to the latest GDP figures
that estimated growth to have fallen in October, said:
“Rishi Sunak ends the year having failed to deliver on his own
promise to grow the economy. Economic growth is going backwards
leaving working people worse off.
“After thirteen years the Conservatives have failed on the
economy and after the chaos of the past few weeks is clearly too weak to deliver
for Britain.
“Under Keir Starmer’s leadership the Labour Party has changed and
is now the only party with a long-term plan to grow our economy,
cut bills and make working people better off.”
TUC – economy is
“dangerously close to recession”
Commenting on today’s (Wednesday) GDP figures, which show that
the economy contracted by 0.3% in October and flatlined across
the quarter, TUC General Secretary Paul Nowak
said:
“These grim figures show the UK is dangerously close to
recession.
“The red warning lights should be flashing. Unemployment is
rising, vacancies are falling and living standards have
plummeted.
" – and his cabinet of
millionaires – may be cushioned from flatling growth.
“But this Conservative economic failure is hitting jobs and
living standards across Britain.
“The UK is stuck in a rut and the Tories have no plan for getting
us out of it.”
