The lower than expected growth of 0.3% in the first quarter of 2015 is a blow to Conservative claims that their policies have stewarded the economy into a recovery.
The latest figures from the Office of National Statistics (ONS) show that economic growth had halved since the three months previously, and is the latest sign of a very fragile recovery, that is slower than any previous recession.
Speaking in Enfield, David Cameron said that the slowdown in growth were a sign that the economic recovery could not be taken for granted, and that a change from the current course could damage growth further.
He said:
“Our economy is growing; growing at a rate that many other European countries frankly would give their eye teeth for.
“These are one quarter’s figures, but they remind us, a timely reminder, that you cannot take recovery for granted. You take your eye off the ball on reducing the deficit, that would be bad for growth; you take your eye off the ball in being pro-business that would damage growth.”
The Conservatives have been keen to make much of the UK’s slow but steady growth over the last few years, claiming that they had steered the economy onto the right path with their policy of austerity, but the latest figures show that the country may not be on a path to consistent growth at all.
Labour have made much of the living standard crisis under the coalition government, where all but the wealthiest in society remain worse off now than they were in 2008 in real terms, and this sharp decline in growth will give them ammunition to question whether Tory policies are working for the economy at all.
