00:00During the run-up to the general election they said growth, growth, growth
00:03and then what happened to your question is firstly they talked down
00:07the British economy. That I think destroyed business sentiment. You can see
00:11that in all the business surveys that there have been since the general
00:14election, all pretty much in negative territory. The
00:17second thing though was the disastrous budget. A lot of spending, a lot of
00:22borrowing, further inflationary pressures as a
00:25consequence of that. But equally this tax, particularly on
00:29business, the big tax hike with national insurance I think has further
00:34caused problems and really killed growth stone dead. And in
00:38fact if you look at, we look at these latest figures, but if you look at the
00:41figures, the kind of forecast that the Bank of
00:43England is showing, only last week suggesting that
00:46growth actually will be half what they were previously forecasting
00:49for this year.
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