All posts tagged: lowgrowth

UK economy caught ‘in low-growth trap’, warns Hunt after latest interest rate rise – business live | Business

Key events Reeves: Rate rise is ‘hammer blow’ for workers Shadow chancellor Rachel Reeves has labelled yesterday’s rise in interest rates a “hammer blow for working people” which, she argues, did not need to happen. Writing in the Daily Mirror, the shadow chancellor said the Government is “managing decline rather than getting us moving”. She wrote: “This rise – a hammer blow for working people – did not have to happen. “The Tories crashed the economy with last September’s disastrous mini-Budget and left you paying the price.” A chart showing UK interest rates Reeves says Labour has a plan to improve the economy: First, we’d make sure the banks provide support to mortgage holders who are struggling with repayments. Second, we would introduce a proper windfall tax on the huge profits the oil and gas giants are making because of Russia ’s invasion of Ukraine and use that money to help families with the cost of living. And third, we would put in place a long-term plan to secure and grow our economy. Interest rates …