UK economy showed no growth in last quarter, revised figures show
https://news.sky.com/story/uk-economy-showed-no-growth-in-last-quarter-revised-figures-show-13279039
Posted by sjw_7
UK economy showed no growth in last quarter, revised figures show
https://news.sky.com/story/uk-economy-showed-no-growth-in-last-quarter-revised-figures-show-13279039
Posted by sjw_7
33 Comments
Most people I have talked to (business circle) have completely stopped any investment in the UK.
Quite a few are expressing interest in moving out of the country as well.
It’s not just the 14 years of Tory rule that has done this. No one has confidence in the labour government either.
There is just no hope for many.
How can there be growth when you have a parasitic rental and housing market which sucks out more than 1/2 your paycheck.
Or when you break relations with your biggest trading partner.
Solid Monday morning start.
Only sensible thing to do with the news, and the telly in general, is to switch them off..
Just heard on the radio that 2025 is going to be worse.
Good luck, everyone! I’m fckkn dreading the future for my children.
Growth will come. It’s been like 4 months since labour took power. Take into consideration that out of all the countries in Europe(west) that had to recover from covid, we had no help from the eu due to screwing our selves in the ass holes and labour will have to try hard to clean out the shit.
Where are they expecting “growth” to come from? Especially after “that” budget. That was not a budget of growth!
Sort out wages! Workers in the UK are £11,000 worse off after 15 years of “almost completely unprecedented” wage stagnation. How do you expect growth if there’s no money left each month for consumer spending? £600 extra tax will be paid by the employer of a person on a very low level of income each year, which is a massive disincentive to employ young people or anyone in precarious low income employment circumstances.
How about we get capital gains tax rates equalized for those on low and higher incomes? CGT rates vary across assets. They are lower than tax rates on earned income and, in most cases, income from capital. These rate differentials are very unfair!
Sort out fiscal drag. Fiscal drag is just austerity by other means. Consumer spending drives growth. The Bank of England rate setter has warned that extending frozen tax thresholds could lead to a lot more inflation and damage economic growth in Britain. What’s being done? Nothing until 2028.
Look to reduce the cost of doing business for SMEs. Get a grip on local taxation, utilities and business rates. Start finding ways to give SMEs more of the kind of tax cuts and rebates the multinationals enjoy. Permanently cut business rates for retail, hospitality, and leisure..
Get Brexit done properly in a way that functions for exports and imports? We left the EU but all we’ve seen so far from our end is increased costs, paperwork and border delays.
Legalize, regulate and tax stuff like cannabis? The market in the USA is predicted to be worth 444.34 billion by 2030. If we managed even 1/10th of that it would put an extra 15-25bn a year in to the exchequer’s pocket.
But… But… We imported infinity immigrants! Why line no go up?
Perhaps we need to open ourselves up to outside immigration, as this is an established way to boost the workforce and allow the economy to grow?
Oh wait..
I really didnt need an article to tell me this…. we’ve been circling the drain of a recession for a long time now, and I for one believe that we are already in recession. Batting about numbers like 0.1% is honestly pathetic, it’s a rounding error at best.
Our economy is in a very bad way, and we don’t stand a chance if our strategy is to tax our way out of it, since thats never worked for anyone. It wouldn’t be so bad if the taxes were being put into things that could genuinely help the country and its people, BUT it’s all being eaten up by our never ending social care bill, poorly run councils and Brexit.
We will reap what we have sown, and you better believe that its going to get worse before it gets better. I fear theres just too much that needs fixing due to 20+ years of can kicking and it’s not just money that we need it’s solid government policy !
My local council is looking to try and do general waste collections every 3 weeks to try and save some more money, that money they are saving is being eaten up by our social care bill. We have fuck all left to sell, there’s barely any services left to cut, what the fuck are we going to be left with ?
Even the Guardian questioned the decision to raise business taxes so high in the new budget.
And when the Guardian wonders about a tax increase, you know it’s a biggie.
Make it easier to start businesses in this country fora start. Improve SEIS, increase Innovate UK funding, remove regulations the penalize small business owners, foster entrepreneurship.
Growth has to come from the people.
Surely we just need a few more Deliveroo drivers to top up the GDP?
The answer is we need even more immigrants delivering takeaways and car washing!
Surely then the economy will grow.
But around 100,000 to 200,000 more people have come to the UK in this time period.
The economy is the same size but everyone is getting a smaller slice of pie
Mass immigration is masking a deep, deep recession
The UK’s low or no growth can be attributed to several interrelated factors.
These include a lack of investment in innovation and productivity, insufficient focus on skills and education, and a challenging business environment due to complex taxes and regulations set by governments. Moreover, the country has struggled to attract long-term capital investment and has a high fiscal deficit, which undermines economic stability. The failure to effectively harness global trade opportunities (thanks Brexit) and support small businesses further hampers growth. These issues together create a cycle of stagnation, and money wasted on illegal refugees/asylum hotels (8 million a day) and wasted covid contracts adds fuel to the fire.
I don’t know whether I’m more surprised by the figures or by Rachel’s from accounts promise to “put more money in people’s pockets” when they’ve just increased employment taxes. I truly don’t know.
And yet people still claim migrants pay more into the system than the average Brit and that it helps grow the economy. Record high migration over two years and we’re about to hit a recession. Lie after lie. Either the majority of these people are high skilled and high wage migrants and the supposed effects of high skilled migration are false. Or, as everyone knows, the majority are either low skilled or completely economically inactive and we are now poor er as a result.
Any day now the hoarded wealth will trickle down. Any day now.
Okay. I guess it’s time to admit that the budget hasn’t gone well. If Starmer wants to stay on as PM he’ll need to remove Reeves before April.
Which means we are all getting poorer because sure as shit rich people continued to get even richer!
Well colour me shocked.
Turns out if you spend your first 6 months telling everyone the UK is a shit hole they don’t want to spend any money here.
Just one PR disaster after another with these lot.
No one expects Labour to undo the last 14 years of Tory damage in 6 months, but we do expect them to orient us in that direction. All they have done so far is more of the same.
I’m a doctor in my late 20s and I just cannot see a future in the U.K. public sector pay is horrendous and everything is so expensive now.
Doesn’t help middle class is being squeezed to death. Of course they don’t have the disposable income to spend spend spend.
A miracle given the current Government to be fair.
Maybe they can create another “black hole” next year, too.
Why is that bad? Are people expecting infinite growth?
We are still living in the aftermath of 2008 nearly 20 years on.
UK needs to loosen up on the over regulation that exists.
We need to be able to build more houses.
Banks also need to have less stringent capital rules. The city needs to be more competitive internationally and the fca and pra are making it as hard as possible to compete with the US.
Unsurprising to anyone with half a brain, it only took Rachel Reeves 6 months to undo the work of Sunak in turning around Truss’ awful budget.
What needs to be tackled isn’t departmental spending, it’s AME, essentially taking tax money and giving it straight to someone else. It’s currently 25% of GDP, nearly double departmental spending. Labour talks about getting people off sickness and back into work but not in any specific terms, they’ve kept the triple lock. That’s where cuts need to be made but Labour and Tories are too gutless to do so.
Oh so this sub is finally waking up to the fact that Labour shown 0 interest or proposals to grow the economy huh?
October budget wasn’t obvious enough?
You know what I think this Brexit thing no one talks about anymore might have been a bad idea
Negative growth per person we have near record immigration, negative spiral of unproductive immigrants that need a ever greater tax burden from workers
I hope the WASPI women are reading this in the daily mail today. This is why Keir said no.