Economic growth is critical. It was right that the Labour Party made it their “number one mission” after the election. But today we learned that the OBR are again downgrading their growth forecasts.
This is in part down to a very troubling labour market picture with unemployment now expected to rise significantly, it is already above 5% as businesses have frozen hiring in the face of higher taxes and business regulation.
I’m not happy about this situation. I want the economy to improve. But the first step is acknowledging the facts.
They need to get a grip.
