ERNews

Rachel Reeves ’ plan to renew the British economy was left in tatters yesterday after figures revealed it was slamming into reverse. The Office for National Statistics said gross domestic product shrank by 0.3 per cent in April – the worst monthly performance for a year and a half. It came less than 24 hours after the Chancellor declared that only Labour could fix Britain as she set out the Government’s spending plans. Yesterday she admitted that the latest numbers were ‘clearly disappointing’. Yet much of the blame for the slump was laid squarely at her own door – with firms pointing to the impact of Ms Reeves’ £25billion raid on employer national insurance. Donald Trump ’s tariff wars and the end of a stamp duty holiday also took their toll. It added to the growing sense of disenchantment with Labour’s handling of the economy as firms also face higher business rates and a raft of new workers’ rights. The figures will knock the wind out...