It is the story of the British economy for the last 15 or so years. No matter the ideology of the prime minister, the content of the Budget or the geopolitical conditions, our GDP continues to grow, or indeed shrink, at a snail’s pace.
The UK economy contracted by 0.1 per cent in September, according to the Office for National Statistics, delivering a blow to Rachel Reeves’s plans. Of course, it is important not to place too much stock on a single months’ figures. But GDP grew by just 0.1 per cent – below City expectations – in the third quarter of this year. Meanwhile, the years of robust growth of 2.5 per cent seem like a distant memory.
