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Rachel Reeves confronted a contemporary blow right this moment as official figures confirmed Britain’s financial system recorded zero development in January.
The Workplace for Nationwide Statistics (ONS) mentioned there was no development in gross home product (GDP) within the first month of this yr. Most economists had anticipated to see 0.2% development in January. It comes after GDP was simply 0.1% greater within the last three months of 2025.
The Chancellor insisted that the Authorities has the “proper” financial plan, including that the figures come amid an “unsure world”.
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Ms Reeves mentioned: “Our financial plan is the precise one, however I do know there’s extra to do.
“In an unsure world, we’re constructing a stronger and safer financial system by reducing the price of residing, reducing nationwide debt and creating the situations for development to make all components of the nation higher off.”
However the Tories warned Labour’s “mismanagement” of the general public funds has left the nation in danger amid the fallout from the US-Iraeli assaults on Iran.
Shadow Chancellor Sir Mel Stride mentioned: “On the spring assertion, Labour claimed they’d the precise financial plan, doubling down on their failed insurance policies.
“Labour’s financial mismanagement has left us susceptible to the potential impacts of occasions within the Center East. They need to now axe the gasoline tax, again North Sea oil and fuel and are available ahead with a correct plan to chop the deficit and get the advantages invoice down.
“Solely the Conservatives have a pacesetter with a spine, a transparent plan and the skilled workforce to ship a stronger financial system and get Britain working once more.”
Tory chief Kemi Badenoch added: “Britain’s financial system is flatlining, battered by Labour’s taxes and laws.
“Keir Starmer isn’t occupied with financial development, he’s too distracted by the Mandelson scandal and clinging on to his personal job. We have to reduce spending, reduce taxes and get Britain working once more.”
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The ONS’s director of financial statistics Liz McKeown mentioned the “general image stays subdued” within the UK financial system.
Labour singled out rising the financial system as a primary precedence after profitable the final common election.
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