Labour's economic miracle REVEALED!

I was a little surprised to read that UK Prime Minister Sir Keir Starmer had announced a few days ago that Labour had “fixed the foundations” of the UK economy. Here is the evidence of his claim.

Now I would not want to suggest for one moment that our esteemed PM is lying through his teeth but new economic information questions the validity of what he claims.

Let’s start with the actual performance of UK economy. Check this out.

As you can see, the UK GDP crashed to -0.3% in April, the worst since 2023. I’m sure it is just a complete coincidence that April was also the month that Chancellor Rachel Reeves tax increases kicked in!

Shall we also look at how the job market is going?

Oh dear. It’s not looking good, losing over 250,000 jobs - the vast majority in the four months isn’t that impressive, with 100,000 of them going in April. Again that’s probably a complete coincidence!!!

Never mind, I am sure the money markets are taking a considered long term view on Labour’s future achievements,

Whoops. That 4.55% 10 year bond yield IS HIGHER than that which brought down Liz Truss in 2022. For some curious reason, the UK media has nothing to say about this apocalyptic financial vision of the future. It seems the money markets have no faith in Labour’s financial management of the economy.

You might recall that in the aftermath of Reeves first budget, the Bank of England cut its economic growth forecast in half from 1.5% to 0.7% and the OBR cut its growth forecast in half from 2% to 1%. April saw inflation surge to 3.5%. May has seen manufacturing see the biggest drop in orders in a year and a half.

To summarise; the economy is in negative growth, jobs are vanishing and the cost of Government borrowing is spiralling upwards. If this is Starmer’s idea of fixing the economy. it makes me what wonder what his idea of wrecking it would look like!

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