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City MP says Rishi’s Recession is deeply concerning to Portsmouth families and businesses

By 15 February 2024No Comments

City MP Stephen Morgan has said today’s news that Britain has fallen into recession will be deeply concerning to Portsmouth families and businesses.

Mr Morgan said today’s numbers which show the economy is shrinking prove that Rishi Sunak’s plan for growth isn’t working and is taking Britain backwards.

The city MP added that Portsmouth people already struggling with the rising cost of living knew the economy wasn’t working under the Conservatives, but today’s figures shine a spotlight on the size of that failure.

The UK economy is now smaller than when Rishi Sunak entered 10 Downing Street in 2022. 

If the UK economy had grown at the average rate of other OECD economies over the past decade, it would now be £140 billion larger – equivalent to £5,000 per household every year.

Rachel Reeves, Labour’s Shadow Chancellor, said it is absolutely clear that Britain remains trapped in a spiral of economic decline.

Commenting on the news the UK entered recession, Portsmouth MP Stephen Morgan said:

“Today’s news that Britain has fallen into recession will be deeply concerning to Portsmouth families and businesses.

“When he became Prime Minister, Rishi Sunak promised a plan for growth, but today’s figures show that under him our economy is going backwards.

“After years of failure, our economy needs a change. We need to move away from instability and short-termism under the Conservatives towards a pro-worker and pro-business mission-based government under Labour that delivers for working people in Portsmouth and across the country.”

Rachel Reeves, Labour’s Shadow Chancellor, said:

“Rishi Sunak’s promise to grow the economy is now in tatters.

“The prime minister can no longer credibly claim that his plan is working or that he has turned the corner on more than fourteen years of economic decline under the Conservatives that has left Britain worse off. This is Rishi Sunak’s recession and the news will be deeply worrying for families and business across Britain.

“It is time for a change. We need an election now to give the British people the chance to vote for a changed Labour Party that has a long-term plan for more jobs, more investment and cheaper bills. Only Labour has a plan to get Britain’s future back.”

Labour’s Five Point Plan for Growth is about kickstarting growth in all parts of the country, making working people better off:

  1. Putting economic stability first by introducing a new fiscal lock to bring economic security back to our national and family finances. Because we will never allow a repeat of the devastation of Liz Truss and the Conservatives’ mini-budget that crashed the economy and left working people worse off.
  2. Getting Britain building again by reforming planning laws to kickstart 1.5 million new homes, transport, clean energy, and new industries in all parts of the country. Because cheaper bills, the chance to own your own home and modern infrastructure are key to growth and the foundations of security.
  3. Backing British business with a new industrial strategy created in partnership with business to maximise Britain’s strengths in life sciences, digital, creative, financial industries, clean power and automotive sectors. Creating a National Wealth Fund to unlock billions of pounds of private investment, crowding in 3 times the amount of public investment. Because growing businesses are the best route to high paid jobs everywhere.
  4. Kickstarting a skills revolution. A new generation of Technical Excellence Colleges, offering more high quality apprenticeships and training opportunities tailored to local jobs in all parts of the country. Because higher skills are good for growth and rising living standards.
  5. Making Work Pay by introducing a new deal for working people and delivering a genuine living wage, banning zero hours contracts and ending fire and rehire. Because creating well-paid jobs across all parts of our country will make working people better off and more secure.