Rishi Sunak’s promise to grow the economy ‘in tatters’ as UK enters technical recession – business live

02.42 EST Reeves: Rishi Sunak’s promise to grow the economy is now in tattersThis is Rishi Sunak’s recession, declares Rachel Reeves, Labour’s Shadow Chancellor.Reeves points out that the news that the UK is now in a technical recession will be “deeply worrying” for families and businesses.Following the news that GDP shrank by a worse-than-expected 0.3% in October-December, Reeves says:“Rishi Sunak’s promise to grow the economy is now in tatters.

The prime minister can no longer credibly claim that his plan is working or that he has turned the corner on more than fourteen years of economic decline under the Conservatives that has left Britain worse off. This is Rishi Sunak’s recession and the news will be deeply worrying for families and business across Britain. It is time for a change. We need an election now to give the British people the chance to vote for a changed Labour Party that has a long-term plan for more jobs, more investment and cheaper bills. Only Labour has a plan to get Britain’s future back.”As flagged earlier, today’s GDP report shows the UK stagnated in the second quarter of 2023, before shrinking in both Q3 and Q4.