Rachel Reeves delivered her spending plans for the next three years less than 24 hours ago, but already the credibility of the Chancellor’s plans are in doubt. GDP fell by 0.3 per cent in April, according to figures released this morning by the Office for National Statistics (ONS). It spells the end of a run of more positive economic readings that Reeves had hoped would buy her room to manoeuvre in the run up to the autumn budget – when she will have to explain to the Office for Budget Responsibility, and the nation, how her spending review sums add up.
The economy contracted across both services and manufacturing with legal firms and estate agents ‘fairing badly’ because of a sharp increase in house sales in March as home buyers and sellers raced to complete their transactions before the stamp duty thresholds increased.
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