Liz Truss’ disastrous spell as PM ‘cost the economy £1.5bn in lost growth a day’


LIZ Truss’s disastrous spell in Downing Street cost the economy £1.5bn worth in lost growth a DAY Labour stats reveal.

The outgoing PM’s shambolic tenure has seen the nation’s growth targets slump after her mini-budget spooked financial markets.

Labour figures say Liz Truss cost the economy billions in growth

Treasury forecasts have downgraded economic predictions during the period Ms Truss was in office.

They say the economy only grew 0.1 per cent over the third quarter of the year, while the last part of 2022 will see the nation’s output shrink 0.2 per cent.

And GDP in 2023 will be £46bn less than expected.

Labour says that means the PM’s plans have cost the nation £73bn in total – or £1.5bn for each of the 47 days she will have been in power up to today.

Shadow Chancellor of the Exchequer, Rachel Reeves said: “It’s clear that the damage has been done.

“This is a Tory crisis, made in Downing Street and paid for by working people.

“The facts speak for themselves. Mortgage costs are soaring. Borrowing costs are up.

“Living standards down. And we are forecast to have the lowest growth in the G7 over the next two years.

“What we need now is to restore financial credibility, and a serious plan for growth that puts working people first.”

Last week, Tesco chair John Allan slammed the outgoing Tory administrations plans, saying: “I don’t think we’ve seen a growth plan from the Conservatives”

Last night a Treasury spokesperson said: “A central responsibility for any Government is to provide economic stability which is the basis for growth, and we have done so.

“The UK’s long term economic prospects remain positive, and according to the IMF, the UK is on course to have the fastest growth in the G7 this year.”