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Earlier in August, the Bank of England trimmed interest rates to 5% in its first cut for four years. <\/p>\n
\u201cThe challenge for government is to firmly lift the UK\u2019s growth performance out of the doldrums,” said Ms Leach.<\/p>\n
“There\u2019re no quick fixes here: we\u2019ll need the government to follow-through on its manifesto commitments to set and stick with long-term infrastructure investment plans.”<\/p>\n
The economy was a key battleground in the general election which Labour won in a landslide after 14 years of a Conservative government.<\/p>\n
Prime Minister Sir Kier Starmer pledged to take \u201ctake the brakes off Britain\u201d and in the King\u2019s Speech announced a number of plans, including changes to the planning system to make it easier to build houses and infrastructure.<\/p>\n
Chancellor Rachel Reeves said: “The new government is under no illusion as to the scale of the challenge we have inherited after more than a decade of low economic growth.”<\/p>\n
But shadow chancellor Jeremy Hunt said that the GDP figures “are yet further proof that Labour have inherited a growing and resilient economy”.<\/p>\n<\/div>\n<\/div>\n
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<\/picture><\/span>Getty Images<\/span><\/div>\n<\/figure>\n<\/div>\n