Britain
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12 April 2024
Britain's economy ‘stuck in the slow lane’ as GDP stutters to 0.1% growth
BRITAIN’S economy remains “stuck in the slow lane,” the TUC said after official figures today revealed GDP grew by a measly 0.1 per cent in February.
The Office for National Statistics figures suggested the country was inching from the recession at the tail end of last year.
It said output from the production sector contributed the most to the country’s overall economic growth, rising to 1.1 per cent in February following a 0.3 per cent fall in January.
Construction sector output however fell by 1.9 per cent following the wettest February in the south of England since at least 1836.
The GDP figures however show the economy in February was 0.2 per cent smaller than a year ago, TUC general secretary Paul Nowak said.
“UK workers have paid a high price for Conservative failure,” he added.
“Our economy is still smaller than this time last year with growth stuck in the slow lane. Real wages are still worth less than in 2008. And millions are struggling to cover their bills.
“After 14 years of stagnation you’ll be hard-pressed to find many people who feel better off.
“We need a proper economic plan to turn the country around — not just more scraping along the bottom.
“That means a real industrial strategy. And it means making sure that our fiscal framework supports government investment in our crumbling infrastructure and public services.”
Chancellor Jeremy Hunt said: “These figures are a welcome sign that the economy is turning a corner, and we can build on this progress if we stick to our plan.”
Shadow chancellor Rachel Reeves said: “After 14 years of Conservative economic failure, Britain is worse off with low growth and high taxes.”
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