Sir Keir Starmer has claimed that the economy if “starting to turn around” even though there are signs the UK is heading for a recession.
The Prime Minister said on Tuesday that the government’s number one priority “growth, growth, growth.”
Starmer told Bloomberg after holding a meeting with city chiefs, “We have to get our economy working. I think we’re beginning to see how that’s turning around.”
“The number one priority of this Labour government is growth. Growth, growth, growth.”
According to Confederation of British Industry (CBI) analysis, the private sector are far from convinced and they are warning there will be a fall in activity over the next three months and prices will rise.
Businesses in the private sector are expecting for growth to plummet by 0.5% in the coming quarter, and the Institute of Economic Affairs economics fellow Julian Jessop warned this is “another UK recession signal.”
The CBI’s Alpesh Paleja added, “After a grim lead-up to Christmas, the New Year hasn’t brought any sense of renewal, with businesses still expecting a significant fall in activity.
“Anecdotes suggest that companies are being hit by lacklustre demand and caution among consumers, while also continuing to adjust to measures announced in the Budget.
“There is an urgent need to get momentum back into the economy.”
Leave a Comment