Kevin Schofield is Politics Editor of HuffPost UK.
But figures released this morning by the Office for National Statistics showed that gross domestic product shrank by 0.3% in the final three months of 2023.by 0.1% between July and September, that means the UK was technically in recession in the second half of the year.
He said: “High inflation is the single biggest barrier to growth which is why halving it has been our top priority. While interest rates are high - so the Bank of England can bring inflation down - low growth is not a surprise. “But there are signs the British economy is turning a corner; forecasters agree that growth will strengthen over the next few years, wages are rising faster than prices, mortgage rates are down and unemployment remains low.“Although times are still tough for many families, we must stick to the plan – cutting taxes on work and business to build a stronger economy.
“This is Rishi Sunak’s recession and the news will be deeply worrying for families and business across Britain.” Lib Dem leader Ed Davey said: “Rishi’s recession has savaged the British economy by decimating growth and leaving families to cope with spiralling prices.Sign up and we will email you daily with the best of our political and news coverage while also giving you a taste of our most-popular lifestyle, opinion and personal blogs.By entering your email and clicking Sign Up, you're agreeing to let us send you customized marketing messages about us and our advertising partners.
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