The UK economy continues to sink. Despite Chancellor Reeves declaring herself an economic hero, the economy unexpectedly shrank by 0.1% in October.
Those reporting the news also use the phrase “unexpectedly,” which is actually a foolish expression. Those who describe it as “unexpected” are, like the Chancellor, completely out of touch with reality.
If they went among the people, visited businesses, they would see why large companies are constantly closing branches and downsizing their workforce. Instead, they continue to pontificate from their desks.
The collapse of the economy, and its continued decline, is evident in the number of businesses closing. Hundreds of businesses are closing every day, and unemployment rates are constantly rising. With rising unemployment rates, inflation, and the number of business closures, the possibility of economic growth is zero. Even if the economy were to grow, its impact on society would be zero.
There are actually two things that need to be done: Chancellor Rachel Reeves must pay the price for her failure and resign. The other person who should resign is Prime Minister Starmer. Secondly, the Bank of England must intervene in the economy. Whether it lowers interest rates or raises them, it should do so. We have nowhere else to go with the Labour government.