00:00The UK was the fastest growing economy in the G7 in the first half of last year.
00:05We had an election. The Chancellor then started saying some very negative things about the UK
00:10economy. And then in her budget at the end of October, she announced an incredibly large
00:17increase in public spending, £350 billion over the next five years, which caused her to add £200
00:25billion of additional taxes on the UK economy over the next five years, and announced another £150
00:33billion of borrowing. Now, those are absolutely huge numbers. And unfortunately, they've had the
00:39direct opposite of what she wanted. She wanted more growth. But unfortunately, the growth
00:45generators of the UK economy are the businesses in the private sector. And actually, they've reacted
00:51to that enormous tax rise by putting their hiring plans on freeze, by reducing the
00:58amount they want to invest in the UK. And growth has completely stalled as a result of the budget.
01:03And what you're seeing now is the markets reacting to that and saying they don't believe that this
01:08budget is credible. It's a shame that the Chancellor chose in her budget last October
01:14to throw such a broadside across the wealth creators and the job creators of the UK economy
01:20that we're now seeing growth at the best is flat, and potentially we're now in a recession.
Comments