In response to the confirmation of Britain’s recession in the latter half of 2023, Chancellor Jeremy Hunt emphasized the country’s resilience and progress despite the economic downturn.
Official figures revealed a 0.5 percent drop in GDP over the period, meeting the technical definition of a recession with two consecutive quarters of decline.
However, Hunt remained optimistic, highlighting positive indicators such as a reduction in inflation and increased real wages.
Defending Government’s Economic Strategy
Jeremy Hunt defended the government’s economic strategy, asserting that the “plan is working” despite challenges.
He cited significant improvements, including a notable decrease in inflation from over 11 percent to 3.4 percent and consistent growth in real wages for eight consecutive months.
Hunt rejected accusations that Chancellor Rishi Sunak had broken promises on economic growth, emphasizing the resilience of the economy amidst difficult decisions made to steer it back on track.
Opposition Criticism and Political Response
Labour’s shadow chancellor Rachel Reeves seized on the recession announcement to criticize the government’s handling of the economy, accusing Rishi Sunak of failing to fulfill promises and leaving Britain in recession.
Similarly, Liberal Democrat MP Sarah Olney condemned what she termed “Rishi’s recession,” blaming the Conservative government for lacking a plan for economic growth and failing to alleviate financial burdens on families.
Both opposition parties called for a change in leadership and urged Sunak to set a date for the election, offering voters an alternative with long-term economic strategies.
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