Trevor Phillips grills Peter Kyle on growth rates
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A shocking chart shows just how badly the Labour Government has crashed Britain's economy.
Startling figures show the UK joint bottom with Italy in a measure of growth rates for the third quarter of 2024 across the G7 group of developed countries compiled by the Organisation for Economic Co-operation and Development (OECD).
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The economies of Italy and Britain failed to grow between July and September, behind Germany (0.1%), Canada (0.3%), the EU average (0.3%), Japan (0.3%), France (0.4%) and the United States (0.8%).
Sky News presenter Trevor Phillips confronted Science Minister Peter Kyle with the stark reality of Britain's 0% growth on his Sunday Morning show and what it means for Labour's election pledge to turbocharge the economy.
Mr Phillips said: "Unless you confront that, no matter how many promises you make about what you're going to do, that's the reality that markets are looking at."
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He pulled up Mr Kyle when he replied it was the "reality" Labour inherited from the previous Conservative government, telling the minister it was Labour's "reality" after tax rises given the figures cover the first three months of Prime Minister Sir Keir Starmer's administration.
READ MORE Rachel Reeves issued 'dire' warning as UK economy marks 'staggering' milestone
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Trevor Phillips quizzed Science Minister Peter Kyle over Labour's handling of the economy (Image: Sky News)
Mr Kyle disagreed, saying: "That is the reality we've had for 14 years. Highest tax for 80 years, lowest growth. We've been stuck in that vice. We are trying to break it. Now, yes the Chancellor (Rachel Reeves) raised taxes, but look at where we're investing."
Asked what his message is to lenders who think their money is safer in the US and Germany so pushing up UK borrowing costs, Mr Kyle said: "You know full well I would not comment on those sort of interactions because the market needs to be independent of government... I do have a message. The message is the same for every single person listening. We inherited a massive black hole, unfunded spending commitments. We have fixed those foundations."
The minister went on to point out an 8.5% rise to the UK's research and development budget, investment to build 1.5 million new homes and planned regulatory reforms as evidence of Labour's bid to grow the economy.
He said: "All of these things are going through in quick fashion. They will hit the economy. They will make sure that we can get investment into the country to create jobs."
His comments came after increases in the Government's borrowing costs sparked concern the Chancellor will fail to meet her debt and spending targets, meaning either more tax rises or deeper spending cuts when she delivers a fiscal statement at the end of March.
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Rachel Reeves' China visit prompted criticism from opposition parties (Image: Getty)
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Turbulence on the gilt markets, where yields reached their highest level since 2008 earlier in the week, overshadowed the Ms Reeves' ongoing trip to China, with the Conservatives arguing she should have remained in the UK to address problems on the markets.
Shadow Chancellor Mel Stride told Sky Ms Reeves' visit to China was "tone deaf" and she should be "reassuring" markets in the UK.
He added: "The fact we are now paying about ￡12billion a year more on servicing our national debt as a result of these market moves has real implications for people."
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The shadow chancellor continued: "We've seen in a matter of a short number of days now, yields on bonds rocket up, the cost of servicing our national debt go up.
"That 12 billion could employ 300,000 nurses. It could pay for all our prisons and judges in the UK for a year. It could pay the pensioners who have had their winter fuel payment taken away from them, it could pay that for eight and a half years.
"That's the size of the problem that she's created and she should be here to reassure markets."