"Some corrections: You inherited 2% inflation. It doubled in 12 months after you became Chancellor. It is still 50% above the rate you inherited and 50% above target. It should fall to target 2% this summer. So two years to get back to where you started! What's to boast about that? Interest rates have been falling everywhere. UK cuts, which you don't control, have been fewer and smaller because of your inflation record."
"We still have highest interest rate in G7. The Bank has made some cuts for the simple reason the economy is flat on its back. Well done. Borrowing is slowly falling from a very high base. Almost six years after the pandemic-induced recession, we're still borrowing around 4% GDP. And borrowing costs are the highest in the G7. Retail sales are up in recent months. We'll see how long that's sustained. But the hospitality and construction industries are in crisis."
Labour's vote collapsed across multiple council by-elections. In Caerphilly's Van ward Labour fell 28 points to 26.8%, Plaid Cymru won 43.3% and Reform UK reached 28.5%. The Liberal Democrats gained Zetland in Redcar after Labour dropped 25 points. Labour lost Stoneygate in Leicester to the Greens. Labour's vote is described as collapsing across the country. Economic claims of strong performance were challenged with corrections noting inflation doubled within 12 months after the Chancellor took office, inflation remains well above target, interest rates are high by G7 standards, and borrowing remains elevated around 4% of GDP while key sectors face crises.
#labour-by-election-losses #plaid-cymru-and-green-gains #inflation-and-interest-rates #borrowing-and-economic-critique
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]