Rishi Sunak Breaks Key Pledge To Voters As Economy Shrinks

Rishi Sunak has broken one of his key pledges to voters after it was revealed that the economy is shrinking.

The Office for National Statistics said GDP fell by 0.3% in October – just as the prime minister was claiming that it was “growing”.

Last January, the prime minister made growing the economy one of his five promises for the year ahead.

And in a video posted on X (formerly Twitter) on November 7, Sunak declared victory by saying: “One year ago I stood on the steps of Downing Street and promised to deliver for the people of this country.

“Today the results are clear. Inflation is down … the economy is growing and debt is falling.”

But the ONS revealed this morning that in actual fact, the economy flatlined in the three months to October. And in October itself, GDP shrank by 0.3%.

Shadow chancellor Rachel Reeves said: “Rishi Sunak ends the year having failed to deliver on his own promise to grow the economy. Economic growth is going backwards leaving working people worse off. 

“After thirteen years the Conservatives have failed on the economy and after the chaos of the past few weeks Rishi Sunak is clearly too weak to deliver for Britain.”

Lib Dem Treasury spokesperson Sarah Olney said: “These dismal figures show the economy is stuck in a vicious cycle of decline under the Conservatives.

“The government is totally failing to support families and businesses through the cost of living crisis.

“Instead of a proper plan to grow the economy, all we see is endless Conservative chaos, unfair tax rises and sky-high mortgage bills.”

But chancellor Jeremy Hunt said: “It is inevitable GDP will be subdued whilst interest rates are doing their job to bring down inflation.

“But the big reductions in business taxation announced in the Autumn Statement mean the economy is now well placed to start growing again.”