The economy will end the year on the brink of recession and it is not hard to see why. After 13 years of Conservative misrule that reached its nadir last year during Liz Truss’s brief tenure as prime minister, the country is crawling towards a light that flickers dimly. Even the so-called recovery since Truss’s calamitous mini-budget has proved a mirage. Official figures on Friday showed that the economy shrank in the summer, when previous estimates told a story of modest growth. The signs are already flashing red for a further contraction in the autumn and winter months.
If a technical recession – one that charts a decline in gross domestic product (GDP) across a six-month period – comes to pass, it will reveal that Rishi Sunak’s mix of income tax rises and public sector cuts have backfired, as many experts said they would, leaving the UK worse off in almost every way possible.
