“,”elementId”:”c1ac58af-3af1-4763-bcfc-2e2a2d79adb2″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The UK economy slowed to a near-standstill, growing by just 0.1% in the third quarter of the year, down from 0.5% in the second quarter.
“,”elementId”:”aa43b335-9296-4ea6-9e56-e121a625d9d5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Treasury spokesperson Daisy Cooper said:
“,”elementId”:”f2fa3918-6bc9-46e7-85f0-da1e3f0b33c5″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
Today’s disappointing figures underline the scale of the challenge facing our economy after years of reckless mismanagement by the previous Conservative government.
\n
After a budget promising to deliver little by way of growth and an unfair tax on small businesses, we need to see a real growth plan from the government.
\n
These additional taxes could be the final nail in the coffin for the many small businesses that are already struggling. It’s the last thing our economy needs to get it out of the slow lane.
\n
“,”elementId”:”f4a23eb5-d336-4487-bcc8-daf618886ab0″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1731662259000,”blockCreatedOnDisplay”:”04.17 EST”,”blockLastUpdated”:1731662469000,”blockLastUpdatedDisplay”: “04.21 EST”,”blockFirstPublished”:1731662469000,”blockFirstPublishedDisplay”:”04.21 EST”,”blockFirstPublishedDisplayNoTimezone”:”04.21″,”title”:”Liberal Democratic Party: GDP statistics show “challenge after years of reckless mismanagement'' Indicating scale' by Tory,”contributor”:[],”primaryDateLine”:”Friday 15 November 2024 04.21 EST”,”SecondaryDateLine”:”First publication date Friday 15 November 2024 04.13 EST”},{“id”:”6737089f8f088965fc6220c6″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Good morning and welcome to our UK politics coverage for Friday. Here are your headlines …
“,”elementId”:”531005eb-92af-4b2e-abe6-4aeb231523b9″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
- \n
- \n
The UK economy slowed to a near-standstill with growth of just 0.1% in the third quarter of the year as uncertainty surrounding Labour’s first budget and high interest rates weighed on business and consumer spending
- \n
Chancellor Rachel Reeves said: “Improving economic growth is at the heart of everything I am seeking to achieve, which is why I am not satisfied with these numbers”
- \n
Shadow chancellor Mel Stride has been on the media round, describing the figures, which do partly cover a brief period when his party were still in government, as “disappointing”
- \n
The Bank of England governor Andrew Bailey has urged ministers to “rebuild relations” with the EU, warning that Brexit has undermined the UK’s economy
- \n
Leading Tories Robert Jenrick and Oliver Dowden were on the committee that backed plans for the “rushed and misjudged” £15m purchase of an asbestos-ridden site for asylum accommodation
- \n
The Liberal Democrats are campaigning about bus fares in England. Ed Davey is expected to do a bus-driving stunt later today
\n
\n
\n
\n
\n
\n
“,”elementId”:”e02dc771-0fa1-4b9a-8071-e2f07f256073″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The Lords are sitting today, but there is no business in any of the devolved parliaments or assemblies.
“,”elementId”:”0a7ed6c6-d789-41e0-85ff-76dc536b0631″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
It is Martin Belam with you this Friday. The best way to get in touch is email – martin.belam@theguardian.com.
“,”elementId”:”304d9527-fd5a-4a0a-9e30-bd0a6c401032″}],”attributes”:{“pinned”:false,”keyEvent”:false,”summary”:true},”blockCreatedOn”:1731661985000,”blockCreatedOnDisplay”:”04.13 EST”,”blockLastUpdated”:1731661532000,”blockLastUpdatedDisplay”: “04.05 EST”,”blockFirstPublished”:1731661985000,”blockFirstPublishedDisplay”:”04.13 EST”,”blockFirstPublishedDisplayNoTimezone”:”04.13″,”title”:”Welcome and opening overview…”,”contributors”:[],”primaryDateLine”:”Friday 15 November 2024 04.21 EST”,”SecondaryDateLine”:”First publication date Friday 15 November 2024 04.13 EST”},{“id”:”67370ab48f083841000a72e6″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Chancellor Rachel Reeves has says she is not satisfied with the latest GDP figures, which shadow chancellor Mel Stride also described this morning as “disappointing”.
“,”elementId”:”1ce07122-8af7-4d44-a08f-ecd54f2a00ea”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
The UK economy slowed to a near-standstill in the third quarter as uncertainty surrounding Labour’s first budget and high interest rates weighed on business and consumer spending.
“,”elementId”:”681cbf61-d46b-415c-8d61-3d216ac3bdbe”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Reeves said: “Improving economic growth is at the heart of everything I am seeking to achieve, which is why I am not satisfied with these numbers.”
“,”elementId”:”db6be10d-77fa-4ca9-a25d-34922f8b9855″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
She added:
“,”elementId”:”0ad3da14-f441-400f-8ecb-80ce7c9f2463″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
At my budget, I took the difficult choices to fix the foundations and stabilise our public finances. Now we are going to deliver growth through investment and reform to create more jobs and more money in people’s pockets, get the NHS back on its feet, rebuild Britain and secure our borders in a decade of national renewal.
\n
“,”elementId”:”13e89886-af46-4f9a-92eb-afc8f4fa4362″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Shadow chancellor Med Stride said on the Today programme that the numbers were “extremely disappointing,” and blamed the Labour government which took power a few days into the third quarter. Pointing out that growth in the US was much higher, Stride said:
“,”elementId”:”4dbbcaea-6e34-4cbf-8a71-52cc9ea73c33″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”
\n
I think a lot of that is because this government, on coming to office, talked down the UK economy.
\n
And it did that because it always planned to jack up taxes in the way that it has in the budget, and wanted to make out there was a bigger problem than there was.
\n
We heard about all this fictitious black hole and so on. We’re seeing the consequences of that.
\n
“,”elementId”:”9358b9c6-afb0-449d-823c-872e3f088951″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1731661985000,”blockCreatedOnDisplay”:”04.13 EST”,”blockLastUpdated”:1731661539000,”blockLastUpdatedDisplay”: “04.05 EST”,”blockFirstPublished”:1731661985000,”blockFirstPublishedDisplay”:”04.13 EST”,”blockFirstPublishedDisplayNoTimezone”:”04.13″,”title”:”Rachel Reeves says Conservatives call 0.1% growth 'disappointing' , “not satisfied” with GDP statistics '”,”contributor”:[],”primaryDateLine”:”Friday 15 November 2024 04.21 EST”,”secondaryDateLine”:”Initial publication date Friday 15 November 2024 04.13 EST”}],”filterKeyEvents”:false,”id”:”key -events-carousel-mobile “,”absoluteServerTimes”:false,”renderingTarget”:”Web”}”>
main events
Liberal Democrats: GDP figures show 'scale of challenge' after 'years of reckless mismanagement' by Tories
In their reaction to this morning's GDP figures, the Liberal Democrats said they showed the “scale of the challenge” after “years of reckless mismanagement” by the Conservatives.
Britain's economy has slowed to a near standstill, growing at just 0.1% in the third quarter of this year, down from 0.5% in the second quarter.
Ministry of Finance Spokesperson daisy cooper Said:
Today's disappointing figures highlight the scale of the challenge facing our economy after years of reckless mismanagement by the previous Conservative government.
After a budget that promised to chip away at growth and unfair taxes on small businesses, we need to see a real growth plan from the government.
These additional taxes could be the final nail in the coffin for many small businesses that are already struggling. That's what our economy needs most to get out of the slow lane.
The government did not have anyone appear in the media this morning to defend the weak GDP figures, but recently appointed Shadow Chancellor of the Conservative Party Mel Stride I was across the airwaves responding to them.
Looking at these numbers, he said he is concerned about future growth. He told Sky News viewers:
If you look at the OBR forecast around the budget, you'll see that the growth rate across that forecast is lower than it was in the spring.
The Conservative Party has enjoyed a rocky relationship with the OBR in recent months, with former chancellor and shadow chancellor Jeremy Hunt accusing the OBR of acting politically by scrutinizing statistics and the timing of their reports. I protested that After Rachel Reeves' Budget, the verdict was that her decisions were unlikely to boost economic growth over the next five years.
Mr Stride said these GDP figures perfectly reflected business sentiment towards the incoming Labor government, although they included a brief period during the Conservative government. he said:
This was confirmed by the so-called PMI survey of business confidence, which fell sharply shortly after the government took office. And I think at least some of that is what you're seeing.
But I think I'm equally concerned about the long term. Because what the government has done is increase taxes on businesses and national insurance, which will drive down wages, increase unemployment and reduce growth. As a result, inflation increases and interest rates rise. And these are not good prospects for the future.
Today's GDP report shows the UK ranks at the bottom of the G7 for summer growth.
Rachel Reeves is 'not happy' with GDP figures as Conservatives label 0.1% growth 'disappointing'
Chancellor Rachel Reeves said she was not happy with the latest GDP figures, and Shadow Chancellor Mel Stride this morning said they were “disappointing”.
Britain's economy slowed to a near standstill in the third quarter as uncertainty over Labour's first budget and high interest rates weighed on business and consumer spending.
“Improving economic growth is at the heart of everything I'm trying to accomplish, which is why I'm not satisfied with these numbers,” Reeves said.
She added:
In my budget, I made difficult choices to repair our foundation and stabilize our finances. We must now deliver growth through investment and reform, create more jobs and more money in people's pockets, get the NHS back on its feet, rebuild Britain and secure our borders in a decade of national regeneration. I am.
Shadow chancellor Med Stride told the Today program the figures were “extremely disappointing” and criticized the Labor government, which came to power just days into the third quarter. Noting that the US growth rate was much higher, Stride said:
I think a lot of that is because this government neglected the British economy when it took office.
And that's because they always planned to raise taxes the way they did in the budget, and they wanted to make it clear that there was a bigger problem than there really was.
We heard about this hypothetical black hole and all that. We are seeing the results.
Welcome and opening overview…
good morning. Welcome to Friday's coverage of British politics. The heading is as follows…
-
The UK economy has slowed to a near standstill, with growth reaching just 0.1% in the third quarter of this year due to surrounding uncertainty. labor's first budget and high interest rates weighed on businesses and consumer spending.
-
prime minister rachel reeves “Improving economic growth is at the heart of everything I'm trying to achieve. That's why I'm not satisfied with these numbers.”
-
shadow prime minister Mel Stride Speaking to the media, he said the figure partially covered a short period when his party was still in power, but said it was “unfortunate”.
-
Governor of the Bank of England Andrew Bailey He warned that Brexit was weakening the UK economy and urged ministers to “rebuild our relationship” with the EU.
-
major conservative party robert jenrick and Oliver Dowden He was a member of the committee that backed a “hasty and misguided” £15 million purchase of an asbestos-contaminated asylum site.
-
The Liberal Democrats are campaigning on bus fares in England. ed davie I'm planning on doing a bus driving stunt later today.
Today, Their Majesties are seated, but the decentralized parliaments and parliaments have no business to attend to.
Joining me this Friday is Martin Bellum. The best way to contact us is via email: martin.belam@theguardian.com.
