Revised GDP figures under Rishi Sunak show the economy upside down

Rishi Sunak suffered a blow as revised figures showed the UK economy contracted between July and September.

The prime minister made growing the economy one of his five key promises to voters earlier this year.

And in a fresh setback to the target, the official statistics watchdog cut its estimates of Britain’s economic performance this year.

The Office for National Statistics (ONS) said gross domestic product (GDP) fell by 0.1 per cent between July and September. It said there was no growth, compared with an earlier estimate of a 0.2 percent rise in Britain’s GDP from April to June.

Labor condemned Mr Sunak’s „legacy of failure” and promised Sir Keir Starmer would restore Britain’s fortunes.

Shadow chancellor Rachel Reeves said: “Rishi Sunak has failed to win Liz Truss, he has failed to reduce waiting lists, he has failed to stop the ferries and now he has failed to grow the economy.

„Thirteen years of economic failure under the Conservatives has left working people worse off, with higher bills, higher mortgages and higher prices in shops.”

But Jeremy Hunt said the outlook for Britain’s economy was „much more promising than these numbers suggest”.

The president hinted at further declines in inflation this week and said his fall tax cuts would boost economic growth.

The Trades Union Congress, which represents 48 unions, said the figures were „dismal” and that Britain was now „teetering on the brink of recession”.

Boss Paul Novak said: “We can’t stay like this. Our economy is stuck in a doom loop, and working people are paying the price as unemployment rises and living standards fall.

The ONS said the recent drop in GDP was driven by a fall in the services sector, which includes retail and hospitality.

The latest figures show that apart from overseeing a halving of the inflation rate, the Prime Minister ends the year failing on all his other promises; Stopping small boat channel crossings, reducing the national debt, reducing NHS waiting lists and growing the economy.

At the time he made the promises in January, Mr Sunak said: “I only promise what I can deliver. And I will fulfill my promise.

„I ask you to rate us on the effort we put in and the results we achieve.”

Mr Sunak this week sought to reiterate his promise to „stop the boats”, insisting there was no „firm date” in the promise.

Grilled by Parliament’s powerful mergers committee, Mr Sunak said he did not have a „precise date” for when the crossings would stop. „We’ll keep going until we do [stop the boats],” he asserted.