Blow for Sunak as revised figures confirm UK went into recession last year

[brooklynite]

Source: The Guardian

Official figures have confirmed that the UK economy went into recession at the end of last year, after the latest estimate found it contracted in the last two quarters of 2023.

In a blow to the government’s economic standing, the Office for National Statistics (ONS) said the economy, as measured by gross domestic product, shrank by 0.3% in the last three months of the year, unrevised from an earlier estimate.

It followed a contraction of 0.1% in the third quarter of 2023, confirming a technical recession – two consecutive quarters of negative growth.

As he prepares for a general election, Rishi Sunak has been seeking to reassure Tory MPs that the economy is turning around, after business surveys showed a recovery in private sector activity in the first few months of the year.

Read more: https://www.theguardian.com/business/2024/mar/28/blow-for-sunak-as-revised-figures-confirm-uk-did-go-into-recession-last-year

[IronLionZion]

1. The myth of conservative economic policies needs to end

Conservatives are terrible for the economy. They've been obsessing over inflation here in the US. Well UK has had a drop in inflation. Same with China with major drop in inflation. How's that working out for them?

[LiberalFighter]

2. Blame it on Boris Johnson with his Brexit.

[muriel_volestrangler]

3. In Jan 23, Sunak promised to "grow the economy" as one of five promises

https://www.bbc.co.uk/news/65647308

How's that going?

GDP is estimated to have increased by an unrevised 0.1% in 2023, following growth of 4.3% in 2022. Excluding the year 2020, which was affected by the coronavirus (COVID-19) pandemic, this is the weakest annual change in real GDP since the financial crisis in 2009.

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/octobertodecember2023

And that's total GDP. If you measure GDP per capita, it's falling:

Real GDP per head is estimated to have fallen by 0.6% in Quarter 4 2023 and has not grown since Quarter 1 (Jan to Mar) 2022. Across 2023 as a whole, GDP per head is estimated to have fallen by 0.7%.

[barbaraann]

4. The damage done by Hitler was more obvious, but perhaps the Tories have done even more.

https://www.newyorker.com/magazine/2024/04/01/what-have-fourteen-years-of-conservative-rule-done-to-britain

[OldBaldy1701E]

5. I expected more from a Vulcan!

(Sorry, had to do it. I will go sit over there.)

[speak easy]

6. Germany: -0.3% Q3, -0.1% Q4

https://www.euronews.com/business/2024/02/23/germany-sees-declining-economic-growth-in-last-quarter-of-2023