The Prime Minister and Chancellor were in sync as they reacted to the GDP figures released on Friday morning.
“Disappointing,” said the Prime Minister’s spokesperson, echoing Rachel Reeves» the words two hours earlier.
THE The British economy has contracted for one second monthcontracting by 0.1% in October.
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The government’s message: be patient, it will take more than a few months to make up for years of economic stagnation; it’s a long-term sustainable plan rather than a short-term sugar rush.
They will need the patience of the public to hold on.
Labor’s promise to stimulate economic growth has been in trouble before.
We do not know the extent to which rising National Insurance contributions will weigh on businesses and economic activity, or whether ambitious housebuilding plans will have a quantifiable impact on growth between now and the next general election.
There is also the question of what the second Asset the presidency and its comments on customs tariffs will have consequences for the British economy.
The fastest growing G7 This is still the official goal, but it seems increasingly difficult to achieve.
What’s interesting is that number 10 seems to talk a little less about growth and the overall economic outlook, and more about personal finances.
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Last week, Sir Keir Starmer announced the new aim of delivering higher standards of living in all parts of the UK.
His spokesperson said Friday that the government’s plan for change was about “the kind of growth people feel in their daily lives.”
This is a subtle but important change in language.
Whatever the wording, the government will likely be judged on whether people are materially better off by the time of the next election. Whether negative or positive headlines on GDP figures are impactful.
Six months after the elections, the economy is weaker than when they came to power.
The Prime Minister and Chancellor may need the public’s patience to hold out for a while longer.