Reeves’ Holiday from Economic Reality mdi-fullscreen

Today’s GDP figures provided the smallest imaginable crumb of comfort to Jeremy Hunt, with the UK economy seeing an unexpected uptick in November of 0.1%, mainly thanks to Brits getting smashed during the world cup. We could drink ourselves into prosperity if we each put in the effort…

Naturally Labour honed in on the more negative picture from the quarter as a whole, with a 0.3% shrink in the three months to November. Rachel Reeves put out a statement shortly after the figures were published, slamming “another page in the book of failure that is the Tory record on growth.”

What Reeves didn’t mention is that the 0.3% fall in GDP was, as Reuters write, “driven by a 0.6% fall in output in September when many businesses closed to mark Queen Elizabeth’s funeral.”

Not only can the death of the sovereign and subsequent mourning period hardly be laid at the door of the current government, Rachel Reeves – indeed every sitting Labour MP – stood on a 2019 manifesto promising not one, not two but four extra bank holidays every year. Something Guido notes the cost of which were not included in Labour’s costings document that year…

mdi-tag-outline Economy ONS
mdi-account-multiple-outline Rachel Reeves
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