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In
its latest revision of the July to September period, the Office
for National Statistics said the British economy showed no
growth against the previous estimate of 0.1%.
The agency partly blamed the reduction on fresh survey data
showing weaker trading across bars and restaurants.
The reduction has prompted critics to say that Labour talked
down the economy on taking power on July 5 for the first time in
14 years when it described its economic inheritance from the
previous Conservative administration as being the worst in
generations.
Treasury chief Rachel Reeves promised to turbocharge economic
growth after Labour won the July election but has now seen the
economy stall over the three months to September, while official
figures earlier this month also pointed towards a 0.1% decline
in October.
“The challenge we face to fix our economy and properly fund our
public finances after 15 years of neglect is huge," she said.
In her first budget in late October, Reeves raised taxes on
businesses to help shore up public finances and ailing services.
Many economists say the budget has further damaged the British
economy as many businesses are responding to the tax rise by
either raising prices or reducing employees or wages.
Mel Stride, the economy spokesman for the Conservatives, said
"warning lights are flashing” on the economy.
“Having inherited the fastest-growing economy in the G-7, growth
has tanked on Labour’s watch,” Stride said.
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