The quarterly growth slowed to 0.1 per cent, said ONS
UK economy slowed sharply in the first quarter of the year, official figures showed today, casting doubt on interest rate rise by the Bank of England next month. Following the news, pound also dropped a cent against the dollar to $1.382.
According to the Office for National Statistics, the quarterly growth slowed to 0.1 per cent — its weakest since the end of 2012.
According to shadow chancellor John McDonnell, Philip Hammond should blame his own government, not the weather, for Britain’s alarmingly weak growth this year.
McDonnell said: “Today’s disappointing GDP figures further confirm that continued Tory austerity cuts are weakening growth.
“The Chancellor will want to blame this all on a bit of bad weather, but the ONS say this had a limited impact. The truth is that the last eight years of Tory economic failure has allowed our economy to be left exposed.
“This is the weakest Q1 growth since 2012. It’s clear to everyone except Philip Hammond that our economy is in need of increased investment and working families are struggling with the cost of living and the burden of increasing household debt.
“The next Labour government will end austerity and provide the investment vitally needed to kick-start the economy to deliver rising living standards for the many, not the few.”