The UK economy contracted by 0.3 per cent in April in another blow to Rachel Reeves, figures from the Office for National Statistics have shown.
The chancellor – who unveiled her spending review yesterday – acknowledged that the latest GDP figures were “clearly disappointing” but insisted her plan for the economy would help deliver growth.
“Our number one mission is delivering growth to put more money in people’s pockets through our Plan for Change, and while these numbers are clearly disappointing, I’m determined to deliver on that mission.
“In yesterday’s spending review we set out how we’ll deliver jobs and growth – whether that’s improving city region transport, a record investment in affordable homes or funding Sizewell C nuclear power station. We’re investing in Britain’s renewal to make working people better off”.
On Wednesday, the chancellor unveiled record investment in her spending plans as she unveiled major boosts for the NHS, social housing and defence.
But experts warned that she will have to break her manifesto pledge not to raise taxes or increase borrowing much further to pay for her promises.
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