British economyflatlines in 3rdquarter inanother blow tonew LabourGovernment

 

 

 

THE British economy flatlined in the third quarter of the year, according to downwardly revised official figures on Monday, in another blow to the new Labour Government that has made growth its number one mission. In its latest revision of the July to September period, the Office for National Statistics said the British economy showed no growth against the previous estimate of 0.1%. The agency partly blamed the reduction on fresh survey data showing weaker trading across bars and restaurants.

 

The reduction has prompted critics to say that Labour talked down the economy on taking power on July 5 for the first time in 14 years when it described its economic inheritance from the previous Conservative administration as being the worst in generations. Treasury chief Rachel Reeves promised to turbocharge economic growth after Labour won the July election but has now seen the economy stall over the three months to September, while official figures earlier this month also pointed towards a 0.1% decline in October.