Submitted 8 months ago by GreyShuck@feddit.uk to unitedkingdom@feddit.uk
https://www.theguardian.com/business/2024/feb/15/uk-recession-consumers-cut-spending-gdp
So out of the five pledges or promises or whatever he was calling them he’s achieved exactly zero. That’s good going for a Tory.
Why enough he said they would bring down inflation I do not know it’s not like the government actually control the economy.
Sunak said he’d get inflation below a certain level because that’s the level it was projected to be at if the government did nothing.
The Bank of England telling us that we should be okay with the wages as well. What a shit show.
The government have a role to play in the economy
The only role this government is playing in the economy is chief fucking clown tbh 🤡
I mean, one part of the economy the government (or, parliament at least) has control of is the money supply, which is pretty much the sole driver of inflation. If he’d genuinely wanted to (not necessarily saying he should’ve) he could’ve.
If you literally mean the amount of money in circulation, then nah. In the UK that’s within the Bank of England’s purview, and they are independent of the government.
Although times are still tough for many families, we must stick to the plan – cutting taxes on work and business to build a stronger economy.
Tax cuts for the rich and businesses never works if there is no demand. Tax cuts for the poor while better isn’t going to make much of a difference because the issue is not taxes it’s low wages and unemployment/underemployment.
Where is the increased welfare spending?
Tories and stagflation, what’s new?
This is what the Bank of England intended when it raised the interest rate right?
This is the best summary I could come up with:
The UK economy fell into recession at the end of last year as hard-pressed households cut back on spending in response to soaring interest rates and rising living costs.
The Office for National Statistics said gross domestic product (GDP) fell by a larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and a collapse in retail sales in the run-up to Christmas.
Economists had widely expected a shallow recession at the end of last year as households came under pressure from higher borrowing costs and rising prices for everyday essentials, forcing cutbacks elsewhere.
More recent snapshots from the economy have, however, shown a rebound in consumer confidence since the start of this year, buoyed up by the prospect of interest rate cuts from the Bank of England as inflationary pressures cool.
The latest snapshot from the ONS indicated weakness across much of the economy at the end of last year, with a fall in GDP amid a tough Christmas shopping period for retailers, strikes by junior doctors, and heavy rainfall.
Suren Thiru, the economics director at the Institute of Chartered Accountants in England and Wales, said: “Though the shallowness of this recession provides comfort, these figures also confirm that our economy remained locked in a cycle of persistent stagnation throughout 2023 as a myriad of headwinds, including high inflation, weighed heavily on activity.”
The original article contains 680 words, the summary contains 234 words. Saved 66%. I’m a bot and I’m open source!
Darkard@lemmy.world 8 months ago
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