David Cameron’s big day hasn’t got off a good start. Ahead of his speech at 2:30pm, it’s emerged that the economy grew by even less than we thought this year.
The Office for National Statistics has just revised down growth for the second quarter of this year from 0.2 per cent to 0.1 per cent, and growth for the first quarter of this year from 0.5 per cent to 0.4 per cent. The upshot is that the economy hasn’t grown for nine months (the economy contracted by 0.5 per cent in the fourth quarter of last year).
All of which confirms why Britain needs a plan for growth. But after George Osborne’s feeble speech this week, I wouldn’t hold your breath.