Last week, the Office for National Statistics (ONS) published its preliminary estimate for the UK’s GDP – the main indicator of economic growth – for the final quarter of 2014. They estimated GDP to have increased by 0.5 per cent in Q4 2014.
These figures confirm the IMF forecast that Britain was the fastest growing of any major, advanced nation in 2014. The economy grew by 2.6 per cent in 2014 – the best year since 2007.
This is the first time the British economy has grown for every quarter in two consecutive years since Labour’s Great Recession. The British economy has now seen eight consecutive quarters of positive growth. The economy grew by 2.7 per cent in Q4 2014 compared to Q4 a year earlier. The economy is now 3.4 per cent bigger than it was before their Great Recession. From the peak in Q1 2008 to the trough in Q2 2009, the economy shrank by 6.0 per cent under Labour.
MP for Chelsea and Fulham, Greg Hands said “These figures confirm the recovery is on track and our plan is building a stronger, healthier economy, protecting Britain from the economic storm, with the fastest growth of any major economy in 2014.
“That means more businesses, creating more jobs, and more people with the security of a wage to provide for their families. It means we can afford to cut the deficit while investing in the things that matter to hardworking families: great schools, frontline health services and apprenticeships for young people so they can get on in life.
“But the international climate is getting worse. With under 90 days to go until the election, now is not the time to abandon our plan and return Britain to Labour’s economic chaos. We cannot trust Ed Miliband on the economy, who would return the country to uncontrolled spending and spiralling national debt.”
The Government’s long-term economic plan is building a stronger and healthier economy by reducing the deficit, cutting income taxes and freezing fuel duty to help hardworking people be more financially secure.
The Government is also creating more jobs by backing small business and enterprise with better infrastructure and lower jobs taxes. Capping welfare and reducing immigration means our economy delivers for people who want to work hard and play by the rules. The Government has also committed to delivering the best schools and skills for young people so the next generation can succeed in the global race.
Meanwhile, Ed Miliband has no plan to cut the deficit, and he’s got a black hole of £20.7 billion in his spending plans, according to costings by HM Treasury. They have made £23.26 billion worth of spending promises for 2015/2016 alone but have only set out plans to raise £2.52 billion worth of revenue.
Greg Hands added “All Ed Miliband is capable of is spending more, borrowing more and taxing more – too weak to stand up to the noisy demands of unions and his own party. The truth is that Labour have not changed. They have no economic plan and would make exactly the same mistakes that got us into the mess in the first place.”