RE: Turning the corner15 May 2025 21:24
More like driving down a dead end .
Treasury watchdog the Office for Budget Responsibility (OBR) has warned the economy will grow only half as quickly as expected, cutting its 2025 growth forecast down from 2% to 1%, while global body the IMF also downgraded the UK's growth projection for both this year and next. At the same time, unemployment in the UK has risen. Sir Mel said the Chancellor's decision to increase National Insurance, a "jobs tax", played a huge part.
"While it's welcome the economy is growing, both the OBR and IMF have downgraded the UK's growth," Sir Mel said.
"Labour inherited the fastest-growing economy in the G7, but their decisions have put that progress at risk.
"Labour's jobs tax, unemployment bill and reckless choices have seen the number unemployed rise by 10% and working families £3,500 worse off.