Rachel Reeves has been handed a damning assessment by the Shadow Chief Secretary to the Treasury, as the latest ONS figures revealed the UK’s GDP has shrunk.
Speaking to GB News, Richard Fuller declared the latest economic figures are “really bad news” for the Chancellor.
In figures confirmed by the ONS this morning, Britain’s economy contracted by 0.1 per cent during October, extending a troubling pattern of stagnation that has persisted since June.
This marks the third straight month without expansion, following September’s identical 0.1 per cent decline and flat performance in August.
Delivering his blunt verdict of the state of Britain’s economy, Mr Fuller told GB News: “It’s bad. It’s really, really bad news.
“Seriously. But I mean, what did the Chancellor think?”
Recalling Ms Reeves’s “confusion” and “doubt” this summer in the lead up to her Autumn Budget, he added: “She spent the whole summer sowing confusion and doubt with all those briefings.
“And, of course, businesses don’t know whether to invest when that’s the case.”
Richard Fuller offered his damning assessment of the economy, as it shrunk by 0.1 per cent
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PA / GB NEWS
Highlighting the impact of the Chancellor’s “jobs tax” on businesses and their inability to hire and invest, Mr Fuller stated: “And they don’t know if anyone’s going to hire anyone, because the jobs tax last year has whacked up the cost of hiring people.
“And so the growth is going down, and now it’s disappeared into negative territory.”
Delivering his bleak verdict of Ms Reeves’s year overall with the economy, he told GB News: “So it’s a really bad way to end what’s been a really bad year for the economy in the UK.”
Shadow Chancellor Sir Mel Stride has also condemned the figures as evidence of Labour’s failure to manage the economy effectively.
Ms Reeves said that low growth ‘isn’t Britain’s destiny’ at the start of the year
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GB NEWSHe said: “This morning’s news that the economy unexpectedly shrank in the three months to October is extremely concerning but it’s as a direct result of Labour’s economic mismanagement.”
Sir Mel accused the Chancellor of breaking her pledge not to raise taxes on working people and disputed her claims about inherited public finances.
He fumed: “Rachel Reeves promised growth but Labour has no plan for the economy – just their own survival, that’s why Reeves presented a Benefits Budget that rewards welfare not work.”
ONS director of economic statistics Liz McKeown has said of the figures: “Within production, there was continued weakness in car manufacturing, with the industry only making a slight recovery in October from the substantial fall in output seen in the previous month.”
Mr Fuller told GB News that it is a ‘really bad end’ to a ‘really bad year’ for Ms Reeves
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GB NEWS
Meanwhile, Professor Joe Nellis, economic adviser at MHA, warned that sustained progress would require improved investment and productivity alongside policies encouraging long-term business decisions.
However, the Treasury defended its economic strategy in response to the disappointing figures, with a spokesman stating: “We are determined to defy the forecasts on growth and create good jobs, so everyone is better off, while also helping us invest in better public services.”
Officials highlighted several initiatives designed to stimulate the economy, including £150 reductions to household energy bills and safeguarding record levels of infrastructure spending.
The Government also pointed to its backing for significant planning reforms, expansion projects at both Heathrow and Gatwick airports, and construction of the Sizewell C nuclear power station as evidence of its commitment to driving economic growth.