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Reaction to latest economic data

July 15, 2020 3:18 PM
uxap (Thanks to Carlos Muza for sharing their work on Unsplash.)Two sets of economic data were released yesterday which were worrying and drew an instant reaction from Ed Davy our acting leader
1 Monthly economic growth ( GDP) estimates from the Office for National Statistics , showed that the economy grew by only 1.8% in May - lower than the 5.5% forecast by economists
Ed Davey said:

Regrettably this dashes any hope of an early recovery and is bad news for millions of people experiencing real financial hardship. It confirms fears that the Chancellor's plans just aren't ambitious enough to rise to the scale of this economic challenge.

The way out of this recession is through a serious Green Recovery Plan that will create millions of jobs, tackle climate change and radically reshape our economy.

Just as crucially, our economy is still threatened by Brexit. If Boris Johnson is serious about rebuilding, he must avert a new crisis by guaranteeing the closest possible trading relationship with the EU.

2 The Office for Budget Responsibility (OBR) Fiscal Sustainability Report found that "the UK is on track to record the largest decline in annual GDP for 300 years, with output falling by more than 10 per cent in 2020" in all three of its forecast scenarios,
Ed Davey responded:

This confirms that the economic challenge facing Britain is on a frightening scale and unlike anything anyone has seen before.

With hopes for a quick "V-shaped" recovery disappearing fast, it is clear the Chancellor's plans just aren't up to this moment in our country's history.

We need a massive Green Recovery Plan, with a green jobs guarantee. We need to end the unfair government exclusion of specific groups of employees and self-employed from support. And we need to stop inflicting unnecessary damage on our economy with this Government's extreme Brexit.