Rachel Reeves must show how the Tories failed to tackle longstanding productivity, investment and trade deficits and stress how Labour can
Britain had the fastest-growing economy in the G7 in the first half of this year. The unemployment rate is coming down and so is wage inflation. As Jim Callaghan never quite said as he arrived back in the country during the winter of discontent: crisis? What crisis?
Last week’s release of key economic indicators were not exactly supportive of the government’s argument that it was handed a country in worse shape than at any time since 1945. That’s quite a claim when quarterly growth is running at 0.6%, the annual inflation rate is 2.2% and unemployment is 4.2%.
Overall, we are sceptical of talk that the UK is now experiencing ‘Goldilocks’ conditions. But it’s clear that there has been a shift in the narrative away from weak growth and high inflation, towards stronger growth and weaker inflation.”
