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Jeremy Hunt warned of a “difficult road ahead” after new data revealed the UK economy shrank by 0.2% between July and September, which could herald the start of a protracted recession. The chancellor admitted the government would have to make “extremely difficult decisions to restore confidence and economic stability” but insisted “the fundamental resilience of the UK economy is cause for optimism in the longer term”. The Office for National Statistics (ONS) said gross domestic product (GDP) fell by 0.6 per cent in September, partly due to the Queen’s funeral. It could be the start of a recession – defined as two quarters of GDP contraction in a row. Reacting to the news, the chairman of the Federation of Small Businesses (FSB) Martin McTague said “the outlook for the UK economy is now very bleak indeed” and urged ministers to show they “realise the scale of the issue”. Elsewhere, shadow chancellor Rachel Reeves called the latest GDP figures “extremely worrying – and another failing page on the Tory record”.
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Economic recession may last most of next year, CBI says
The Confederation of British Industry (CBI) has urged the government to “learn the lessons” of the past decade, in the wake of the latest GDP figures. Alpesh Paleja, chief economist at the CBI, said: “The latest GDP figures likely signal the start of a recession for the UK economy, which could last for most of next year. “Even taking into account an extra bank holiday in September, it is clear that underlying activity has weakened – as shown by our recent business surveys. “A weaker growth outlook and persistently high inflation will make for some difficult economic policy decisions. “The autumn statement must learn the lessons of the 2010s: fiscal sustainability and upward growth are both immediate priorities. Alongside safeguarding markets and protecting the most vulnerable, the government should protect capital expenditure and investment compensation to drive private sector growth.” Emily Atkinson 11 November 2022 08:06 1668153306
The economy is shrinking amid fears of the biggest recession since records began
The UK economy shrank in the last quarter, marking the first step in a long recession expected next year. A country won’t officially be in recession until the economy has contracted for two consecutive quarters – but the Bank of England expects Britain to be in one by the end of 2023. Official data shows that Gross Domestic Product (GDP) shrank by 0.2 percent between July and September, compared with an increase of 0.2 percent in the previous three months. Emily Atkinson 11 November 2022 07:55 1668152944
Rachel Reeves says GDP figures reveal ‘another failing page in Tory record’
Shadow chancellor Rachel Reeves called the latest GDP figures “extremely worrying – and another failing page in the Tory record”. Speaking on Twitter this morning, he added: “Britain has so much potential to grow. “Labor’s Green Prosperity Plan and our partnership with business will unlock this.” Emily Atkinson 11 November 2022 07:49 1668152125
Hunt admits road is tough as UK faces ‘very grim’ recession
Jeremy Hunt warned of a “difficult road ahead” after new data revealed the UK economy shrank by 0.2% between July and September, which could herald the start of a long recession. The chancellor admitted the government would have to make “extremely difficult decisions to restore confidence and economic stability” but insisted “the fundamental resilience of the UK economy is cause for optimism in the longer term”. The Office for National Statistics (ONS) said gross domestic product (GDP) fell by 0.6 per cent in September, partly due to the Queen’s funeral. It could be the start of a recession – defined as two quarters of GDP contraction in a row. Reacting to the news, the chairman of the Federation of Small Businesses (FSB) Martin McTague said “the outlook for the UK economy is now very bleak indeed” and urged ministers to show they “realise the scale of the issue”. Emily Atkinson 11 November 2022 07:35 1668149448
Matt Hancock admits he ‘messed up and messed up’ on ‘I’m A Celebrity’
Matt Hancock admitted on I’m A Celebrity…Get Me Out of Here! campers that he “confused and fought” over leaked CCTV footage of him kissing an aide during the Covid lockdown. He told the show: “I messed it up and messed it up. I quit and it’s no excuse but I fell in love, right? This also had many other consequences, obviously.” Labor leader Sir Keir Starmer said yesterday that Mr Hancock should “voluntarily leave” the jungle and return to parliament. He said the former minister’s decision to participate in the show was “wrong”. “He should go back to Westminster, he should go back to parliament and do his job,” Sir Keir said. Emily Atkinson 11 November 2022 06:50 1668148848
Jeremy Hunt ‘plans stealth VAT raid’ on small businesses
Jeremy Hunt is reportedly planning a secret move to force small businesses to pay thousands more in VAT as part of measures to plug a budget black hole estimated to reach £60bn. The chancellor will go to the House of Commons next Thursday to deliver a budget statement that will define Rishi Sunak’s nascent government as the prime minister tries to distance himself from the disastrous reign of Liz Truss, his short-lived predecessor. Read the full story here: Maroosha Muzaffar November 11, 2022 06:40 1668147948
Poll shows voters don’t trust Sunak, Braverman to deal with migrant boats
Voters don’t trust Rishi Sunak and Suella Braverman to tackle the problem of migrants crossing the English Channel in small boats and don’t think their flagship for Rwanda will work, according to a new poll for the Independent. Campaigners urged the prime minister to “press the reset button” on his plans to deport asylum seekers to the African country for processing, after Savanta ComRes research found far more voters believe the crisis can be solved by providing safe and legal routes to the United Kingdom. Read Andrew Woodcock’s full story here: Maroosha Muzaffar November 11, 2022 06:25 1668147348
Rishi Sunak’s Wife Akshata Murty Pays £7m Before Autumn Statement Cuts
Ahead of next Thursday’s Autumn Bulletin cuts, Rishi Sunak’s wife Akshata Murty has received £7m in dividend payments from Infosys, the Evening Standard has reported. This comes a week before the autumn statement is expected to reveal deep cuts to public spending. Ms Murty has collected £35m in Infosys dividends since 2020. Maroosha Muzaffar November 11, 2022 06:15 1668145848
PM ‘confident’ of negotiated solution to NI protocol talks
Mr Sunak said it would take “good will and pragmatism” but that a way would have to be found. He added that he wanted a resolution to be found to allow for the restoration of power-sharing institutions at Stormont. Read the full story here: Maroosha Muzaffar November 11, 2022 05:50 1668145248
Micheal Martin: ‘Meat on Bone’ is essential to resolve the Northern Ireland Protocol
The Irish government wants “meat on the bones” to resolve the Northern Ireland Protocol issues, the country’s prime minister has said. The Fianna Fail leader added that he and British Prime Minister Rishi Sunak agreed there was a “window of opportunity” to address protocol concerns. Mr Martin made the remarks after meeting Mr Sunak at the British-Irish Council summit in Blackpool on Thursday. “The mood of the music is improving, now we have to translate it into a resolution, a negotiated resolution between the UK and the European Union.” Read the full story here: Maroosha Muzaffar11 November 2022 05:40
