Labour's promise to turbocharge economic growth has already hit trouble
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The prime minister and chancellor were in lockstep as they reacted to Friday morning's GDP figures. "Disappointing", the PM's spokesperson said, echoing Rachel Reeves's words two hours earlier. The UK economy shrunk for a second month, contracting 0.1% in October.
Money blog: latest updates. Please use Chrome browser for a more accessible video player. . The government's message: bear with us, it will take more than a few months to make up for years of economic stagnation; theirs is a long-term, sustainable plan rather than a short-term sugar rush.
They will need public patience to hold. Labour's promise to turbocharge economic growth has already hit trouble. UK economy shrinks again in October, official figures show. British businesses stop shipping to Northern Ireland due to updated rules. Bankers to scrutinise public sector spending to 'bring private sector into the heart of government'.
We don't know how higher National Insurance contributions will weigh on business and economic activity, or whether ambitious plans to build houses will quantifiably impact growth by the next general election. There is also the question of what the second Trump presidency, and his talk of tariffs, will mean for the UK economy.
The fastest growth in the G7 is still the official target, but it looks increasingly difficult to achieve. What's interesting is that Number 10 appears to be talking a little less about growth and the overall economic outlook, and more about personal finances.
