Well, well, well. Today the Office for National Statistics released its estimate for May’s GDP. It showed a contraction of 0.1 per cent, following a fall of 0.3 per cent the previous month. The trend is not a positive one for Rachel Reeves – but she doesn’t seem to be outwardly panicking – which is odd, given her analysis of a similar GDP drop back in 2022…
Back in May 2022, Reeves took to Twitter to fume at the Conservative government over GDP figures that saw a ‘dramatic drop’ of 0.1 per cent. She raged:
This adds to the worries families already face from the cost of living crisis. If the PM and Cabinet come back from their away day in Staffordshire today with anything less than an Emergency Budget, they will have failed.
Yet despite today’s ‘dramatic’ stats, rather curiously Mr S hasn’t heard any rumblings of an ’emergency budget’ from the Labour cabinet’s away day at Chequers. Rules for thee but not for me!
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