Britain is a stagnation nation as growth continues to flatline

Commenting on the latest ONS GDP data, in which the economy showed no growth in the three months to October, and contracted by 0.3 per cent in October, driven by a fall in services (including services exports) and ICT in particular, James Smith, Research Director at the Resolution Foundation, said:

“The poor performance on the UK economy in October will inevitably reignite speculation about whether the country is back in recession. But what’s not beyond doubt is that Britain is a stagnation nation – the 0.5 per cent growth over the past 18 months is the weakest outside of a recession on record.

“Britain currently feels a long way short of experiencing stronger, sustained economic growth. But that goal can – and must – be reached, as it’s the only way we can catch-up with our peers and secure a long overdue living standards boost to families.”