Sep 26, 2024 04:42 AM
(This post was last modified: Sep 26, 2024 04:43 AM by C C.)
Britain's booming... but Labour's gloom and doom hits High Street: Government urged to stop talking...
https://www.dailymail.co.uk/news/article...treet.html
Labour has been urged to stop talking the country down after it was handed the biggest growth upgrade in the G7 but was warned that its doom-mongering was deterring consumer spending.
The Organisation for Economic Cooperation and Development (OECD) said Britain's gross domestic product (GDP) will grow by 1.1 per cent this year, up from a previously forecast 0.4 per cent.
That was the biggest upgrade for any of the G7 group of advanced economies and comes after Britain performed much better than expected in the first half of the year. But figures from the British Retail Consortium (BRC) showed that the doom and gloom is already taking its toll – revealing that consumer confidence had fallen sharply this month.
BRC chief executive Helen Dickinson said: 'Negative publicity surrounding the state of the UK's finances appears to have damaged confidence in the economic outlook, particularly among older generations.'
Shadow Business Secretary Kevin Hollinrake said: 'It's so wrong to talk the country down. Of course there are things to do and of course there's big pressure on public spending and of course we need growth. But to somehow say we're coming from a place of doom, gloom, disaster is completely wrong.'
And Tory leader Rishi Sunak said: 'Labour inherited the fastest growing economy in the G7. But the Prime Minister and the Chancellor constantly talking the economy down has already had a damaging impact on consumer and business confidence.'
On Wednesday, Bank of England rate setter Megan Greene warned that firms and consumers faced a 'ton of uncertainty' over the Budget and that could be holding back the economy.
She said: 'There's a lot of uncertainty in the UK, there's a ton of uncertainty going forward. So I think generally uncertainty causes businesses and households to wait on the sidelines until some of that is cleared up. And we may be seeing some of that.'
Chancellor Rachel Reeves said in response to the OECD figures: 'Faster economic growth figures are welcomed, but I know there is more to do and that is why economic growth is the number one mission of this Government.'
Chief economist Alvaro Pereira said: 'Inflation continues to go down and we continue to think that inflation will continue to go down.'
That will help boost the value of household incomes in real terms as wage growth is not eaten up by big price rises, the OECD believes. Next year is also looking brighter, with the GDP growth forecast rising from 1 per cent to 1.2 per cent.
https://www.dailymail.co.uk/news/article...treet.html
Labour has been urged to stop talking the country down after it was handed the biggest growth upgrade in the G7 but was warned that its doom-mongering was deterring consumer spending.
The Organisation for Economic Cooperation and Development (OECD) said Britain's gross domestic product (GDP) will grow by 1.1 per cent this year, up from a previously forecast 0.4 per cent.
That was the biggest upgrade for any of the G7 group of advanced economies and comes after Britain performed much better than expected in the first half of the year. But figures from the British Retail Consortium (BRC) showed that the doom and gloom is already taking its toll – revealing that consumer confidence had fallen sharply this month.
BRC chief executive Helen Dickinson said: 'Negative publicity surrounding the state of the UK's finances appears to have damaged confidence in the economic outlook, particularly among older generations.'
Shadow Business Secretary Kevin Hollinrake said: 'It's so wrong to talk the country down. Of course there are things to do and of course there's big pressure on public spending and of course we need growth. But to somehow say we're coming from a place of doom, gloom, disaster is completely wrong.'
And Tory leader Rishi Sunak said: 'Labour inherited the fastest growing economy in the G7. But the Prime Minister and the Chancellor constantly talking the economy down has already had a damaging impact on consumer and business confidence.'
On Wednesday, Bank of England rate setter Megan Greene warned that firms and consumers faced a 'ton of uncertainty' over the Budget and that could be holding back the economy.
She said: 'There's a lot of uncertainty in the UK, there's a ton of uncertainty going forward. So I think generally uncertainty causes businesses and households to wait on the sidelines until some of that is cleared up. And we may be seeing some of that.'
Chancellor Rachel Reeves said in response to the OECD figures: 'Faster economic growth figures are welcomed, but I know there is more to do and that is why economic growth is the number one mission of this Government.'
Chief economist Alvaro Pereira said: 'Inflation continues to go down and we continue to think that inflation will continue to go down.'
That will help boost the value of household incomes in real terms as wage growth is not eaten up by big price rises, the OECD believes. Next year is also looking brighter, with the GDP growth forecast rising from 1 per cent to 1.2 per cent.