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Monthly GDP falls by 0.5%

Output falls across manufacturing, construction and services

Commenting on today’s GDP data (Wednesday), which shows GDP falling by 0.5% in July, TUC General Secretary Paul Nowak said: 

“The prime minister and chancellor are watching from the sidelines as our economy shrinks. 

“As the UK teeters on the brink of recession, it is working people and their families who are paying the price. 

“Today’s figures show that after 13 years of Conservative government, the high pay, high productivity economy we desperately need remains out of reach.   

“Instead of sitting back and hoping for the best, the government needs to take responsibility and act. We urgently need a credible plan to deliver decent jobs and rising living standards.” 

On the importance of resolving industrial disputes Paul added:  

“Instead of attacking unions, ministers need to get around the table and negotiate. It’s their job to settle disputes rather than to escalate them.  

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