Rishi Sunak’s key election message slapped down by new UK financial system figures
Official figures showed the UK economy recorded no growth in April in another blow to Rishi Sunak’s General Election campaign.
It comes less than 24 hours after the PM again insisted the economy “has turned a corner” as he launched his election manifesto. In a speech to Conservatives – as he promised more tax cuts – Mr Sunak insisted the economy is “growing again”.
The Tory leader has also pegged much of his General Election campaign on a recent record of economic improvement under his Conservative government. But on Wednesday morning the Office for National Statistics said Gross Domestic Product (GDP) was flat during the month of April.
Economists had predicted that GDP would show no growth in April, held down by weaker-than-usual retail sales over the Easter period. The economy grew by an estimated 0.6% in the first quarter of 2024 – pulling the UK out of a small recession at the end of last year.
Labour ‘s Shadow Chancellor Rachel Reeves said the new figures showed the economy has stalled. She added: “These figures expose the damage done after 14 years of Conservative chaos. We are now in the third week of this General Election campaign and in that time the Labour Party has set out its plan to grow the economy by bringing back stability, unlocking private sector investment and reforming our planning system.
“All the Conservatives are offering is more of the same, with a desperate wish list of unfunded spending promises that will mean £4,800 more on people’s mortgages. Rishi Sunak’s plan is a recipe for five more years of Tory chaos. It’s time for change. The election on July 4 is a chance to vote Labour so we can end the chaos, turn the page and rebuild our economy.”
The Lib Dem Treasury spokeswoman Sarah Olney also said that as Mr Sunak’s time in No10 “peters out, so does the UK’s economic growth”. She said: “The Conservatives have utterly failed to deliver the growth they repeatedly promised, instead presiding over stagnation and economic misery for hardworking families across the country.
“The Conservatives’ manifesto shows they simply lack the ambition and vision to get the economy moving again. It’s clear for voters across the country that the only way to make it happen is to vote them out of office on 4 July.”
The General Secretary of the Trades Union Congress, Paul Nowak, also said: “The Conservatives can spin all they like. But the last 14 years have been dismal for growth and living standards. They have turned Britain into a stagnation nation.”
