Chancellor responds to ONS GDP quarterly national
accounts, UK: October to December 2023
The Chancellor's response to the ONS GDP quarterly national accounts,
UK: October to December 2023, published today, is below:
Chancellor of the Exchequer said:
“Last year was tough as interest rates had to rise to bring down
inflation, but we can see our plan is working. Inflation has
fallen decisively from over 11% to 3.4%, the economy grew in
January and real wages have increased for eight months in a row.
Our cuts to National Insurance will boost growth by rewarding
work and putting over £900 a year back into the average earner’s
pocket.”
Rachel Reeves MP, Labour’s Shadow
Chancellor, responding to the Office for National
Statistics’ confirmation that Britain has entered recession,
said:
“Rishi Sunak has broken his promise to grow the economy and
left Britain in recession with working people paying the price.
The Conservatives cannot claim that their plan is working or that
they have turned the corner on more than fourteen years of
economic failure.
“It is time for a change. should name the date for the
election and give the British people the chance to vote for a
changed Labour Party that has a long-term plan to grow the
economy.”
Responding to this morning's ONS figures confirming the
UK economy did go into recession last year, Liberal
Democrat Treasury spokesperson said:
“These damning figures confirm the damage done to the UK economy
by Rishi’s recession. This Conservative government has no plan
for growth or to help families paying the price for years of
economic chaos through soaring mortgages and rents.
“The Liberal Democrats have a bold plan to get the economy
growing again, fix our broken trading relationship with Europe
and support small businesses on the brink. It’s clear the best
thing for the economy would be a general election, so we can kick
the Conservative Party out of power and offer the real change
the country needs.”
