Reeves 'disappointed' by UK economy unexpectedly shrinking
Video Credit: ODN - Duration: 00:47s - Published
Reeves 'disappointed' by UK economy unexpectedly shrinking
The UK economy unexpectedly contracted in October, marking two months in a row of negative growth for the first time since the pandemic, new figures show.
Chancellor Rachel Reeves said she was âdisappointedâ by the data after a weak month for pubs and restaurants dragged on growth amid some uncertainty ahead of the autumn Budget.
Chancellor Rachel Reeves is coming under increased pressure to raise taxes or cut public spending as official figures show government borrowing was more.. Sky News
The chancellor says the government is ready to support creative industries, after announcing film studios in England are to receive business rates relief for the next nine years. On a visit to the Warner Bros Studio in Leavesden, Rachel Reeves adds "that's something that this government wants to get behind to back growth and back British workers". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Rachel Reeves says she is "absolutely committed" to spending 2.5% of GDP on defence and will "set out a pathway" to do so "in the proper way". The chancellor adds, "a strong economy depends on strong defences". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The shadow chancellor of the exchequer has defended the previous government for the rise in inflation, instead blaming Chancellor Rachel Reeves' budget and other government decisions, including increased spending and borrowing. Mel Stride's comments come after government ministers pointed blame at the previous Conservative government after new data from the Office for National Statistics estimated that the rate of UK inflation rose from 2.5% in December to 3% in. Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Conservatives have said that the "disappointing" rise in inflation is a cause of worry. Kevin Hollinrake, Shadow Levelling Up Secretary, said the 0.5% rise in inflation from December to January was a direct result of Rachel Reeves' budget. Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Education Secretary Bridget Phillipson says the government is âdetermined to get to two and half percentâ of GDP for defence spending which she says is âvery ambitiousâ. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Ahead of Sir Keir Starmer's meeting with Donald Trump this week, Shadow Defence Secretary James Cartlidge says there cannot be a Ukraine peace settlement that is seen as a "win for Russia". Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Sir Keir Starmer receives a standing ovation as he states the âScottish people stand with the people of Ukraineâ. Speaking at the Scottish Labour conference in Glasgow the prime minister says: "Nobody wants the bloodshed to continue, least of all the Ukrainiansâ. Sir Keir insists âBritain will take a leading responsibility, we have to be ready to play our role if a force is required in Ukraine, once a peace agreement is reachedâ. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Hundreds of people march on the Russian Embassy in London, marking the upcoming third anniversary of the countryâs invasion of Ukraine. The demonstration, organised by a coalition of groups under the Ukraine Solidarity Campaign, is showing support for Ukrainians both in the UK and back home. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
An organiser of the Ukraine Solidarity Campaign speaks about his âfrustrationâ of the current political âbetrayalâ around the war in the eastern European country. Referencing Russiaâs â122,000 recorded war crimesâ in Ukraine, Christopher Ford says âthe perpetrator of these crimes could be rewarded with conquestâ. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Policing Minister Dame Diana Johnson has admitted that the next few months could be a "bumpy ride" following new data from the Office for National Statistics estimate that the rate of UK inflation rose from 2.5% in December to 3% in. Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Shadow chancellor Mel Stride has criticised the new growth figures released by the ONS. Mr Stride accused the government of "talking down the economy" and referenced the "disastrous budget" set out by Rachel Reeves.
Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The UK economy grew in the final quarter of last year after better-than-expected expansion in December, according to official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.1% higher between October and December. Rachel Reeves said she is "still not satisfied with the level of growth our economy is achieving" as she pledged to go "further and faster" to boost growth. Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
UK retail sales unexpectedly declined last month in a blow to the sector during the all-important festive shopping season, new official figures show. The volume of retail sales â which measures the quantity bought â fell by 0.3% in December, the Office for National Statistics said. Retail analyst Kate Hardcastle said that the flop in sales was down to "savvy" customers who "cut corners" to save money. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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