POLL: Rate Rachel Reeves as Chancellor out of 10 as UK financial system flatlines | Politics | News | EUROtoday

Rachel Reeves confronted a recent blow right this moment as official figures confirmed Britain’s financial system recorded zero development in January.

The Office for National Statistics (ONS) stated there was no development in gross home product (GDP) within the first month of this 12 months. Most economists had anticipated to see 0.2% development in January. It comes after GDP was simply 0.1% increased within the remaining three months of 2025.

The new figures comes amid fears that the UK might take an additional financial hit amid the conflict within the Middle East.

The Chancellor insisted that the Government has the “right” financial plan, including that the figures come amid an “uncertain world”.

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Ms Reeves stated: “Our economic plan is the right one, but I know there is more to do.

“In an unsure world, we’re constructing a stronger and safer financial system by slicing the price of residing, slicing nationwide debt and creating the circumstances for development to make all components of the nation higher off.”

But the Tories warned Labour’s “mismanagement” of the public finances has left the country at risk amid the fallout from the US-Iraeli attacks on Iran.

Shadow Chancellor Sir Mel Stride said: “At the spring assertion, Labour claimed that they had the suitable financial plan, doubling down on their failed insurance policies.

“Labour’s economic mismanagement has left us vulnerable to the potential impacts of events in the Middle East. They must now axe the fuel tax, back North Sea oil and gas and come forward with a proper plan to cut the deficit and get the benefits bill down.

“Only the Conservatives have a frontrunner with a spine, a transparent plan and the skilled staff to ship a stronger financial system and get Britain working once more.”

Tory leader Kemi Badenoch added: “Britain’s financial system is flatlining, battered by Labour’s taxes and laws.

“Keir Starmer isn’t thinking about economic growth, he’s too distracted by the Mandelson scandal and clinging on to his own job. We need to cut spending, cut taxes and get Britain working again.”

The ONS’s director of financial statistics Liz McKeown stated the “overall picture remains subdued” within the UK financial system.

Labour singled out rising the financial system as a primary precedence after successful the final basic election.