The UK economy shrank for a second consecutive month in October, marking the first back-to-back decline since the pandemic. Shadow Chancellor Mel Stride criticised the government, claiming it inherited a fast-growing economy but is now "talking down" the UK, causing higher taxes, inflation, and unemployment. Stride warned businesses are "sounding the alarm" due to the government's "doom and gloom" economic narrative. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00It's not good. These are stark figures. This is the second consecutive month in which the economy
00:04has contracted. Now bear in mind that the government actually inherited the fastest
00:10growing economy in the G7 from the last Conservative government and what this shows
00:14is that this government's constant talking down of the UK economy is coming through
00:19in these numbers. Now of course we've had a budget, we're going to be seeing higher taxes,
00:24higher inflation, higher interest rates, downward pressure on wages and higher unemployment and so
00:29it's no surprise that businesses right up and down the country are now sounding the alarm.
00:33The animal spirits of the economy I'm afraid are very much waning. This is the second
00:38consecutive month in which we've seen economic contraction and of course the budget itself has
00:44raised taxes substantially particularly on businesses. This is going to be driving down
00:50wages, it's going to be driving up unemployment,
00:53higher interest rates and families are going to be feeling this up and down the country.