00:00It's not good. These are stark figures. This is the second consecutive month in which the economy
00:04has contracted. Now bear in mind that the government actually inherited the fastest
00:10growing economy in the G7 from the last Conservative government and what this shows
00:14is that this government's constant talking down of the UK economy is coming through
00:19in these numbers. Now of course we've had a budget, we're going to be seeing higher taxes,
00:24higher inflation, higher interest rates, downward pressure on wages and higher unemployment and so
00:29it's no surprise that businesses right up and down the country are now sounding the alarm.
00:33The animal spirits of the economy I'm afraid are very much waning. This is the second
00:38consecutive month in which we've seen economic contraction and of course the budget itself has
00:44raised taxes substantially particularly on businesses. This is going to be driving down
00:50wages, it's going to be driving up unemployment,
00:53higher interest rates and families are going to be feeling this up and down the country.
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