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Revised figures confirm UK ended 2023 in recession - BBC News Revised figures confirm UK ended 2023 in recession - BBC News
(32 minutes later)
Henry Zeffman We are closing our live coverage now - thanks for joining us.
Chief political correspondent Here's a quick summary of what we've learned this morning:
The government and the Conservative Party will continue to argue Revised GDP data from the Office for National Statistics (ONS) confirmed the UK entered a technical recession in the final six months of last year
that the economy is turning a corner – and turning a corner thanks to decisions The figures showed that, as initially thought, the economy shrank by 0.1% in the three months between June and August, followed by a further 0.3% decline in the next financial quarter (between September and December)
they have made. But it's important to note the overall economy did grow by 0.1% across the whole of 2023
The Labour Party will continue to argue that the recession is There are also early indications the UK began an early recovery in January - with initial data showing some growth, and surveys indicating this may have continued in February and March
the ultimate symbol of 14 years of Conservative failure. Chancellor Jeremy Hunt says the figures show the government's plan is working and the Tories have got the economy "back on track".
These are the battle lines for the general election, Labour's shadow chancellor, Rachel Reeves, says the data shows the exact opposite and the government cannot claim "they have turned the corner on more than 14 years of economic failure"
whenever it comes.
There is not universal approval within both parties for how
their senior teams are approaching the economy, though.
Within the Conservative
Party, some MPs think that even if conditions improve this year they will not
be rewarded electorally without more attention-grabbing retail policies –
principally more tax cuts.
And within the Labour Party, some think it’s not
enough to condemn the government’s stewardship of the economy, but that their
leadership should do more to explain how they would govern differently.
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