More pain for George Osborne as ONS cuts UK economic growth

The figures were seized upon by John McDonnell, Labour’s shadow chancellor. “Today’s figures are worrying as they show that the recovery is fragile and unbalanced with many underlying structural problems that the chancellor still has failed to resolve,” McDonell said.

“George Osborne has to realise that he has no room for complacency with the manufacturing sector now in recession, and manufacturing output still lower than before the crash. It further shows that the so-called ‘march of the makers’ never left the Tory press release let alone the factory floor. With the trade balance worsening Osborne’s failure to boost manufacturing and rebalance the economy represents a risk to our future economic stability.”

Martin Beck, senior economic adviser to the EY ITEM Club, said: “The revisions to the GDP data mean that 2015 looks set to be a relatively disappointing year for the UK economy. GDP is likely to grow by just 0.6% in Q4, which would leave growth in 2015 as a whole at 2.2%. Given the extent to which the economy has benefited from very low inflation and the degree of spare capacity, this should really have been a year where the economy grew in excess of 3%.”

Source: More pain for George Osborne as ONS cuts UK economic growth | Business | The Guardian

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2 thoughts on “More pain for George Osborne as ONS cuts UK economic growth

  1. Michael Broadhurst

    so much for Tory claims “the economy is safe in our hands “.and all the lies they told to get into power,and those idiots that believed them.

  2. John Gaines

    The Welsh version of the Office of Numerical Simpletons is simply doing as they are told to do, with Gardy Loo’s Thugs (Consultants? would you believe) menacingly standing over them they have no option other than to serve the wee stinkers commands; bullsh** Statistics is the order of the Day.

    The really funny thing is that Gardy Loo is doing it all for Cameroon the stupid and, is oblivious of the fact ( love is blind they say) that Cameroon will attempt to go for another term, he has absolutely no intention of passing over the PM Baton TO WHAT HE CONSIDERS HIS ‘thing’ — his ‘Uriah Heep’ who has surrendered any shred of dignity and decency to further its Masters insane ideological ambitions.
    A pox on both their Houses.

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