SNP and Labour blame Tories for predicted economy shrink
dailyrecord.co.ukThe SNP and Scottish Labour have criticised the Conservatives after the International Money Fund (IMF) warned that the UK's economy will shrink in 2023.The UK is set to be the only major economy to shrink this year with all other developed nations experiencing growth, including sanction-hit Russia.
When the economy shrinks, unemployment is likely to go up and prices can rise.The SNP have blamed "Tory incompetence and a disastrous Brexit" for the lack of growth on the three year anniversary of the UK leaving the EU.
Scottish Labour said that the figures are "proof of the immense damage the Tories are doing to our country."The IMF predicted that the UK's gross domestic product (GDP) would shrink by 0.6 per cent in 2023.
The UK had been predicted to have 0.3 per cent growth for 2023 in October. The IMF blamed high energy prices, mortgage costs and worker shortages for the change.The UK's economic forecast lags behind other G7 countries.
Read more on dailyrecord.co.uk
