Christmas may be two days away but there is little reason for cheer in 11 Downing Street. The Chancellor faces another wave of bad economic news this morning. Revised figures from the Office for National Statistics (ONS) show there was no growth in the last quarter, between July and September. The update comes as the Confederation of British Industry (CBI) raises alarm over the prospects for the UK economy next year. The CBI’s latest growth indicator states that expectations in the private sector are at their lowest point since Liz Truss’s mini-budget in 2022.
In response to the figures, Rachel Reeves has warned there are no easy fixes:
The challenge we face to fix our economy and properly fund our public finances after 15 years of neglect is huge. But this is only fuelling our fire to deliver for working people. The Budget and our Plan for Change will deliver sustainable long-term growth, putting more money in people’s pockets through increased investment and relentless reform.