Jeremy Hunt is drawing up plans to boost the economy through changes to regulations after confirmation that the UK only narrowly dodged recession last year 🔴 HugoGye
Labour’s shadow Chancellor, Rachel Reeves, said: “I hope today’s numbers are a wake-up call to the Government because the economy now is just flatlining along the bottom. We’re the only major G7 economy that is still smaller than it was before the pandemic – and zero growth is not a success.
“The Government now urgently need to put in place a real plan for economic growth, as well as tackling the cost of living crisis that is affecting so many families and pensioners right now.”The favoured growth-boosting measure among many Conservative MPs is to cut taxes in order to stimulate short-term growth. But most of the immediate benefits would go to wealthier people, who pay disproportionately more tax, and it is highly uncertain how much effect the move would have on GDP.
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