Shadow chancellor Mel Stride has criticised the new growth figures released by the ONS. Mr Stride accused the government of "talking down the economy" and referenced the "disastrous budget" set out by Rachel Reeves.
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00:00During the run-up to the general election they said growth, growth, growth
00:03and then what happened to your question is firstly they talked down
00:07the British economy. That I think destroyed business sentiment. You can see
00:11that in all the business surveys that there have been since the general
00:14election, all pretty much in negative territory. The
00:17second thing though was the disastrous budget. A lot of spending, a lot of
00:22borrowing, further inflationary pressures as a
00:25consequence of that. But equally this tax, particularly on
00:29business, the big tax hike with national insurance I think has further
00:34caused problems and really killed growth stone dead. And in
00:38fact if you look at, we look at these latest figures, but if you look at the
00:41figures, the kind of forecast that the Bank of
00:43England is showing, only last week suggesting that
00:46growth actually will be half what they were previously forecasting
00:49for this year.