UK economy showed no growth in last quarter, revised figures show

26 comments

1. Definitely karma for supporting the genocide in Gaza and instability in the Middle East.

2. 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.

3. 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.

4. Solid Monday morning start.

   Only sensible thing to do with the news, and the telly in general, is to switch them off..

5. Just heard on the radio that 2025 is going to be worse.

   Good luck, everyone! I’m fckkn dreading the future for my children.

6. You don’t tax your way to growth. Mark my words. Labour are going to dig us deeper, not out.

   Not sure what the answer is. Invest in coal? Elon?

7. 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.

8. Yo, listen up, let me paint you a picture,
   Corporations slick, playing the system like scripture.
   They keep the service runnin’ in the UK grind,
   But the jobs, they’re ghost—offshore, left behind.

   We payin’ bills, but the cash ain’t stayin’,
   Wages shipped to India, while the rich keep playin’.
   Workers taxed heavy, broke in the trenches,
   While the big dogs laugh, sittin’ on park benches.

   Ain’t no jobs here, just scraps and lies,
   Public pot’s empty, government’s high and dry.
   It’s not laziness, nah, it’s the hustle we lack,
   ‘Cause the system’s rigged, and they broke our back.

   Tied-down dreams, outsourced schemes,
   We screamin’ for justice in shattered streams.
   Bring the jobs back to the UK or say adiós to your dreams.

9. 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.

10. But… But… We imported infinity immigrants! Why line no go up?

11. 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..

12. I’m not surprised as the right are hell bent on disrupting the new labour government. The inherited a country in free fall after all

13. 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 ?

14. 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.

15. I mean after 14yrs of the Tories under funding every single public service, what do you expect? Add in Brexit, millions of people waiting for treatment on the NHS and housing costs, of course you’ll have no growth.

    Yeah Labour has increased taxes for businesses, but it needed to happen. We all know how bad everything is but who will be paying to fix it?

16. Well done labour, the economy was getting back on track and saw growth and now this. The bank of england even had to re-evaluate their predictions after that shite budget.

17. 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.

18. Surely we just need a few more Deliveroo drivers to top up the GDP?

19. The answer is we need even more immigrants delivering takeaways and car washing!

    Surely then the economy will grow. 

20. 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

21. 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.

22. 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.

23. Real world: government implements idiotic tax and spending policies with new budget, economy reacts immediately in a negative way. Most major financial institutions, including the BOE and business says its a bad idea.

    Reddit: Oh look its brexit and landlords ruining the economy again.

24. 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.

25. Any day now the hoarded wealth will trickle down. Any day now.

26. Growth shouldn’t be our sole focus. The world has finite resources

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