Latest figures from the Office for National Statistics (ONS) show the UK economy shrank by 0.7% between April and June, meaning a third successive quarter of no growth.
When the current coalition government came to power they promised to make the economy their focus and they were determined to get it growing again, and to be fair they have, albeit in the completely wrong direction.
In the eight full economic quarters this government has been in power, the economy has shrunk in five and grown in only three at a net loss of 0.3%.
The announcement of the 0.7% contraction is the biggest dip reported since the global financial crisis in the first quarter of 2009, and the question has to be asked, when David Cameron and George Osborne keep stressing their needs to be a relentless focus on the economy what exactly are they focusing on.
Looking at the numbers you’d have to say all the wrong things, only last week George Osborne announced £50bn worth of investment, was this a chancellor trying to paper over some worryingly large cracks?
David Cameron has said this government will ultimately be judged on the economy, well I’m afraid for the third month in a row it’s a big fat failure.
No comments:
Post a Comment