Labour’s promise to turbocharge economic growth has already hit trouble

The prime minister and chancellor were in lockstep as they reacted to Friday morning’s GDP figures.

“Disappointing”, the PM’s spokesperson said, echoing Rachel Reeves’s words two hours earlier.

The UK economy shrunk for a second month, contracting 0.1% in October.

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The government’s message: bear with us, it will take more than a few months to make up for years of economic stagnation; theirs is a long-term, sustainable plan rather than a short-term sugar rush.

They will need public patience to hold.

Labour’s promise to turbocharge economic growth has already hit trouble.

We don’t know how higher National Insurance contributions will weigh on business and economic activity, or whether ambitious plans to build houses will quantifiably impact growth by the next general election.

There is also the question of what the second Trump presidency, and his talk of tariffs, will mean for the UK economy.

The fastest growth in the G7 is still the official target, but it looks increasingly difficult to achieve.

What’s interesting is that Number 10 appears to be talking a little less about growth and the overall economic outlook, and more about personal finances.

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Last week, Sir Keir Starmer announced the new target of delivering higher living standards across every region of the UK.

His spokesperson said on Friday the government’s plan for change is about “the type of growth people feel in everyday lives”.

It is a subtle but important shift in language.

Whatever the wording, the government will likely be judged on whether people feel materially better off by the time of the next election. Whether negative or positive headlines about GDP figures cut through.

Six months since the election, the economy is smaller than when they came into office.

The PM and chancellor may need public patience to hold for a while yet.