The disastrous fate of LIZ Truss in Downing Street has cost the economy £1.5billion in lost growth a day, according to labor statistics.
The outgoing PMThe rocky tenure has seen the country’s growth targets crumble after its mini-budget spooked financial markets.
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The Treasury forecast lowered the economic forecast during the period that Ms Truss was in office.
They say it economy only increased by 0.1% in the third quarter of the year, while the latter part of 2022 will see domestic production shrink by 0.2%.
And GDP in 2023 will be £46bn lower than forecast.
Work says this means the Prime Minister’s plans have cost the nation a total of £73billion – or £1.5billion for each of the 47 days she has been in office until today.
Shadow Chancellor of the Exchequer, Rachel ReEves said: “Clearly the damage has been done.
“This is a Tory crisis, made in Downing Street and paid for by working people.
“The facts speak for themselves. Mortgage costs are skyrocketing. Borrowing costs are rising.
“Living standards are falling. And we expect to have the lowest growth in the G7 over the next two years.
“What we need now is restoring financial credibility and a serious plan for growth that puts workers first.”
Last week, Tesco Speaker John Allan criticized the plans of outgoing Tory administrations saying: ‘I don’t think we’ve seen a Tory growth plan’
Last night a Treasury spokesman said: ‘A central responsibility of any government is to provide economic stability which is the basis for growth, and we have done this.
“The UK’s long-term economic outlook remains positive, and according to the IMF, the UK is on course to have the fastest growing in the G7 this year.”
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