‘Rishi’s Recession’ More Bad News for Powys Residents Say Lib Dems
Responding to today’s GDP figures, Powys Liberal Democrats have criticised the Conservative Government for allowing the economy to slip into recession stating that the Prime Minister’s promise to grow the economy is in tatters and dubbing the news as ‘Rishi’s recession’.
The data published this morning shows that the UK fell into recession in the second half of 2023 as GDP shrank by 0.3 per cent. Meanwhile, the United States, grew by 2.5% over the last year, continuing a sustained period of growth in comparison to the UK’s stagnation.
Behind the headline statistics, GDP per person (the amount of economic value added to the economy by economically active individuals) dropped every quarter of 2023 meaning it hasn't grown since Q1 2022.
The Liberal Democrats have argued today’s news comes on top of already difficult conditions for Powys residents, with the economic think tank the Resolution Foundation stating that today’s news amounts to an equivalent loss of around £1,500 per person.
Previous research by the Resolution Foundation & London School of Economics released in December showed that British workers are missing out on £10,700 a year after more than a decade of weak economic growth and high inequality, warning that UK living standards are falling behind comparable rich nations.
Responding to the UK economy entering a recession, Liberal Democrat Candidate for Brecon, Radnor & Cwm Tawe David Chadwick said:
"Rishi's recession has savaged the British economy by decimating growth and leaving families to cope with spiralling prices. Years of Conservative chaos and a revolving door of Conservative Chancellors have culminated in economic turmoil.
"Its hardworking Brits forced to pick up the tab for this mess, through high food prices, tax hikes and skyrocketing mortgage bills.
"This year the country will have the chance to kick out this incompetent and out-of-touch government once and for all."
Montgomeryshire & Glyndwr Lib Dem Candidate Glyn Preston added:
“Today’s news will only confound worries from Powys residents. The cost-of-living crisis has already hugely impacted our communities and Wales remains much poorer than large parts of England as the Conservatives fail to ‘level up’ communities outside the South East and London.
“After a decade of Tory mismanagement of the economy families across Powys are feeling poorer and public services are in a worse shape. Meanwhile, the UK Government continue to pass down cuts to local councils, forcing them into impossible funding situations.
“The country is in desperate need of a refresh and the Liberal Democrats are best placed to deliver that here in Powys when this tired Government eventually calls a General Election.”
