UK may already be in recession, warns shadow business secretary – Share Talk

Britain could already be experiencing a recession, according to Shadow Business Secretary Andrew Griffith, who criticizes Rachel Reeves for steering the economy in the wrong direction.

Griffith pointed to the recent inflation rise to 2.6% and other economic indicators, stating that “the contours of the damage being done to our economy are being revealed.” He likened the situation to a plane with multiple instruments in the red, suggesting it’s time to “look for a parachute.”

Griffith highlighted the latest PMI figures and noted that businesses are reducing hiring and increasing prices. Speaking to Sky News, he said, “We’ve seen businesses not hiring, cutting back on jobs.

Yesterday the Labour Party were voting through the National Insurance tax—a £25bn tax on every business in this country—and I am genuinely really worried for the economy and I’m worried about the economy that we might one day inherit.”

He further stated, “I think we may already be in recession. On a per capita basis, when you divide the overall level of GDP by the number of people in this country—we know that’s increasing because the Government hasn’t managed to stop the boats as they said they would—it may turn out that we’re already in recession.”

Griffith contrasted the UK’s situation with other major economies, saying, “Big economies—we see the US, a lot of capital now flowing over there because people are excited about their optimistic agenda and their desire to reform government—we don’t see any of that here.”

He concluded by criticizing Rachel Reeves, asserting, “I honestly think Rachel Reeves is leading the economy in the wrong direction. We’re not going to have another election anytime soon, so it’s really important that they change course.”