U.K. families lose savings due to meagre GDP growth

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="U.K. families lose savings due to meagre GDP growth" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/05/UK-Big-Ben-04.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>Darren Morgan, Director of Economic Statistics at ONS, suggested that hot weather and an extra May bank holiday for the coronation of King Charles III helped to shake off further decline. Despite these factors, the cost-of-living crisis has been driven by the highest inflation in 4 decades, interest rate hikes on fixed-rate mortgages and a slow economic recovery from the Covid-19 pandemic.</p>
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<p>Industry experts observe that the <a href="https://www.leaprate.com/forex/market-news/weekly-data-british-pound-and-action-on-gold-ahead-of-uk-inflation-report-and-news-coming-up-this-week/" target="_blank" rel="noopener">U.K. economy</a> has grown by only 0.4% since 2022 – the weakest growth in 65 years outside of a full recession. However, Conservative British Prime Minister Rishi Sunak celebrated the meagre growth on social media, noting that the rising figures suggest his plan for a national economic reboot is working.</p>
<div><img aria-describedby="caption-attachment-450193" decoding="async" class="wp-image-450193" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-700×700.webp" alt="" width="98" height="98" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-700×700.webp 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-250×250.webp 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-150×150.webp 150w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-768×768.webp 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-120×120.webp 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-245×245.webp 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves-500×500.webp 500w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-U.K.-families-lose-savings-due-to-meagre-GDP-growth-4981666138-Rachel-Reeves.webp 1200w" sizes="(max-width: 98px) 100vw, 98px" /><p>Rachel Reeves: Source: The Guardian</p></div>
<p>On the other hand, cabinet ministers from the Labour Party are less impressed. Shadow Chancellor Rachel Reeves stated:</p>
<blockquote><p>Economic mismanagement under the Conservatives has left Britain worse off and trapped in a low-growth, high-tax cycle.</p></blockquote>
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