John McDonnell MP
Today’s data exposes the underlying weaknesses of the UK economy and highlight the concerns Labour have been raising for some time.
Growth is modest and led by consumer spending. Production and construction were broadly flat in January and the service sector saw a decline in output.
With business investment falling for the first time since 2009 and a squeeze on real wages and consumer spending because of rising inflation, is it clear that consumer spending alone will not be able to power the economy indefinitely.
Working people in Britain face difficult times ahead. So far, the Tory Government has been remarkably complacent in addressing the serious structural weaknesses of the UK economy.
Only Labour, with a proper industrial strategy, and a plan for a high-investment, high-skill and high-wage economy will confront the challenges facing the UK economy and deliver for working people