Conservatives: Response to quarterly GDP figures

Mel Stride MP, Shadow Chancellor of the Exchequer said: 

“Labour inherited the fastest growing economy in the G7 but because of their choices growth has now slowed significantly.

“Labour's National Insurance Jobs Tax will make it more expensive for businesses which will then fuel higher prices, higher inflation, higher mortgage costs and slower growth.

“Official forecasts show because of the Chancellor's choices these figures are not likely to improve. Labour made a lot of promises about growth in the election, they need to act now before their broken promises lead to yet more taxes rises.”

ENDS

Notes to Editors

• Labour inherited the fastest growing economy in G7. Figures released when Labour won the election, for the first quarter of 2024 show 0.7 per cent growth the fastest growth in the UK (ONS, GDP first quarterly estimate, UK: July to September 2024, 15 November 2024, link).

• The latest GDP figures show the UK growth slowed. From 0.5 per cent growth in quarter 2 of 2024, the UK economy grew 0.1 per cent in quarter 3 of 2024 – above only Japan (ONS, GDP first quarterly estimate, UK: July to September 2024, 15 November 2024, link)