The United Kingdom has officially entered a recession, with its economy contracting by 0.3% in Q4 of 2023. This downturn has been attributed to a variety of factors, including a long-term government refusal to increase public investment and a policy of permanent austerity, which have contributed to slowing growth, regional inequality, and compromised the country's ability to address climate change. The recession, dubbed 'Rishi's recession', has been linked to 14 years of Conservative government policies, with critics pointing to a lack of a coherent plan to reverse the economic decline. Comparisons have been drawn with Japan, which is also in recession, but unlike the UK, has seen its stock market flourish. The impact of Brexit on the UK's economic performance has also been highlighted, with some suggesting it has made the recession more likely. Amidst this economic turmoil, the Labour Party has criticized the Conservative government's handling of the economy and promised change, while others have pointed to specific policy decisions, such as Rishi Sunak's tax increases, as mistakes that have exacerbated the situation.
The Tories’ low-productivity, low-security, low-wage doom loop is bad for workers and bad for business. A Labour Government will work with employers to deliver a New Deal that lifts the bar. My piece for the @ft 🗞️ https://t.co/63o4bYIEt6
A PM with no credo and a paltry record, a party with no plan or direction. That’s the Tories now | Henry Hill https://t.co/bYBMnJleeS
Economies in the U.K. and Japan shrank at the end of last year, underlining the widening gulf between robust growth in the U.S. and more anemic conditions in the rest of the world https://t.co/6VAScdqjN7 via @WSJ
NEW: Tory council tax bombshell will see households hit by £523 extra on their bills. Rishi’s raw deal has left working people worse off and local services crumbling. After 14 years of failure, it will be left to Labour to rebuild from the ground up. https://t.co/GDykvMaXuQ
After 14 years of Tory failure in Westminster and 17 years of SNP failure in Holyrood, only Labour can provide the change Scotland needs. Good to be in Glasgow to set out Labour’s plan to get Scotland’s future back. https://t.co/JufBfOTh6N
5️⃣ Prime Ministers. 1️⃣4️⃣ years of failure. And now Rishi’s recession. The Tories can’t deliver change. @UKLabour will. #Rishession https://t.co/tlb4xen7vj
'He put taxes up too much... the other big mistake he made was the way he put up taxes.' Matthew Lynn highlights two crucial errors made by Rishi Sunak after new data showed the UK fell into recession in the final quarter of 2023. https://t.co/3i8S171SVb
Five Prime Ministers. 14 years of failure. And now Rishi’s recession. The Tories can’t deliver change. Labour will. https://t.co/sfewMdtz6y
As you watch the people of the UK suffer in this #recession, please remember the warning from @AdamPosen in July 2017. Our politicians could make things better for us. THEY'RE CHOOSING NOT TO. https://t.co/U4ESjUuVNh
Basic logic: Even Nigel Farage admits we haven't benefited economically from Brexit. And the damage it's done is clear. So we can debate HOW MUCH the damage it's done, but you can't escape the simple fact: Brexit made this recession more likely. https://t.co/T90fK9OYPF
The thing about the Tories’ line that “Labour has no plan” is that I honestly don’t know what the Tories’ plan is.
The UK has been one of the worst economic performers in the rich world for years, and this week it officially entered a recession. A large share of the blame should fall on the policymakers who have subjected the country to endless austerity. https://t.co/2ich8kV0uJ
Japan and the United Kingdom, two of the world’s largest economies, are in technical recessions. Could the U.S., the world’s largest economy, be next? Far from it, economists say. https://t.co/bSmGsdoep4
The UK has officially slipped into a recession after GDP shrank 0.3% in Q4 of 2023. The UK's recession is NO SURPRISE to anyone paying attention to the QUANTITY THEORY OF MONEY. The UK's money supply (M4ex) contracted 0.3% between Dec-22 & Dec-23. https://t.co/6OG7okL8GB
Japan and the UK are both in recession — but the former's stock market is on a tear, while the latter's has been going nowhere for years. https://t.co/X2XGE5JCJ2
The UK’s policy of permanent austerity isn’t just slowing growth and generating regional inequality — it’s also compromising the country’s ability to fight climate breakdown. https://t.co/2ich8kV0uJ
14 years of Tory failure has led to Rishi’s recession and working people are paying the price. https://t.co/nnF73VR8Ac
This week the UK was officially declared to be in a recession. The economy is suffering from a long-term refusal by the government to increase public investment — helping make Britain one of the worst economic performers among rich countries. https://t.co/2ich8kVykh
Britain in recession exposes a Prime Minister with no plan to turn our economy around. https://t.co/wINlpf24Fb