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GDP Figures Show 'Worrying' Slow Down

Friday, April 28, 2017

Union says worrying GDP figures do not look strong or stable.

GMB has criticised the Conservative Government for being ‘asleep at the wheel’ as worrying new figures show UK economy slowing down.

The latest GDP figures released today show growth in the first quarter was down to 0.3% - from 0.7% in the last quarter of 2016. [1]

The service, retail and manufacturing suffered saw a particular sharp slow down. [2]

Meanwhile energy costs are driving up inflation - in March the energy component of CPIH was up 8.7% on 12 months previously (largely due to the cost of fuel).

Tim Roache, GMB General Secretary, said:

"The Tories had no plan for leaving the EU – and now ordinary working people are feeling the pinch from the collapse in the pound, increased inflation and the rise in cost of living.

“Ministers have spent more time rehearsing their election catchphrases instead of helping the lives of millions trapped in a growing cost of living crisis made in Downing Street.

“The Tories are continuing to squeeze wages in the public sector, plan even more cuts and stand by while jobs in the private sector are being made even more insecure.

“The government is asleep at the wheel and ministers need to wake up to the fact that improving pay and job security is good for the economy as well as vital for working people.

“This slow growth is extremely worrying with tough Brexit negotiations ahead.

“If Theresa May dared to listen to the public she would know that many people's wages and jobs are anything but strong and stable."

ENDS

Contact: GMB press office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors:

[1] https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/grossdomesticproductpreliminaryestimate/jantomar2017

[2] https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/monthlyeconomiccommentary/apr2017

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