Following a string of dismal numbers, such as inflation increasing at its quickest rate in eight months and the economy unexpectedly contracting in October, the updated data was released.
According to the CBI, one of the top business associations in the UK, “the economy is headed for the worst of all worlds” based on its most recent company survey.
Shadow chancellor Mel Stride stated that Monday’s data indicated “growth has tanked on Labour’s watch,” while Chancellor Rachel Reeves stated that the task of repairing the economy “after 15 years of neglect is huge.”
The government, which has made strengthening the economy its top goal, will suffer a setback from the updated statistic.
In the G7 group of the wealthiest countries in the world, Labour has pledged to achieve the highest sustained economic growth.
