The Office for National Statistics announced in its report that the country’s economy did not experience any growth in April. From the point of view of economic experts, this issue is proof of the ineffectiveness of the conservative party’s economic program. Conservatives’ economic policy failures have been proven to everyone, but they insisted their policies were successful. The reason for the electoral defeat of conservatives is the failure of their economic policies. This article deals with the failed economic policies of conservatives as the main reason for Rishi Sunak’s election defeat.
Conservatives’ economic policy failures
The Office for National Statistics (ONS) reports the state of the UK economy every month. The ONS announced that UK economic growth fell from 0.4% in March to 0% in April. According to this report, the construction index has dropped by 1.4% and production by 0.9%. The last official report of the ONS was about the economic situation before the general election. The Labor Party won the general election on July 4 by winning 412 seats out of 650 in the House of Commons. The Labor Party ended the 14-year dominance of the Conservative Party at the head of the British government.
Conservatives are misleading about the dire economic indicators of the UK.
Former government officials attributed the poor economic situation to lousy weather conditions and torrential rains in April. They claimed that the country’s economy is on the path of growth after overcoming the problems caused by the Covid-19 epidemic. British households that lost their jobs due to Covid-19 experienced a more significant drop in income than French and German households. This fact is shown by the results of research conducted by the Resolution Foundation. Jeremy Hunt, the former Chancellor of the Exchequer, has claimed that the country’s economy has passed difficult conditions. He said that inflation has returned to normal. However, observers and critics believe that the statistics show the failure of the conservative government’s economic plans.
Britain’s rising inflation during the Conservative era
British inflation reached 11% following the controversial policies of the Liz Truss government. To prevent the situation from worsening, the Bank of England increased the interest rate 14 times since two years ago, from 0.1% to 5.25%. In this way, hundreds of pounds were added to the monthly mortgage instalments of the British. The British seriously faced a cost-of-living crisis with these Conservatives’ economic policy failures.
Increasing bankruptcies of British companies
The increase in interest rates and financing costs for companies have caused the rise in bankruptcy among them. The government’s Insolvency Service reported this statistic. Official figures show that 2,361 companies filed for bankruptcy in England and Wales last month alone. This amount is 17% more than the same period the previous year. With this account, last month regarding the number of bankrupt companies is considered the third month with the highest amount since 2000 in the UK.
Conservatives are watching Britain’s miserable economic situation.
The manifesto of conservatives shows that they have no plan and vision to move the economy. Rishi Sunak and other former government officials claim that the difficult times have passed and that the economy has stagnated and has not grown. The statistics show the amount of damage that 14 years of chaotic conservative policies have caused to the country. The lack of economic growth shows that conservative economic policies have failed. The conservatives have been unable to deliver the growth they have repeatedly promised. Instead, they have watched the economic stagnation and misery of the country’s hardworking families.
Britain’s worst economic situation since World War II
The new British Treasury Secretary described the country’s economic situation as very dire. Rachel Reeves, the new Chancellor of the Exchequer, described the country’s economic conditions as very bad. Britain’s Chancellor of the Exchequer said the new government had inherited the worst economy since World War II. Rachel Reeves, Britain’s new Chancellor of the Exchequer, appointed after Labor’s victory in the country’s general election, says the new government has inherited from the Conservatives the worst economy in the country’s history since World War II.
The Labor Party inherited the worst economic conditions in the UK.
The Labor Party has inherited 14 years of chaos and economic irresponsibility from the Conservatives. After Labor won last week’s general election, Rachel Reeves took charge of Britain’s finances. Rachel Reeves accused the Conservative Party of putting their party first and the country second and acting for political gain during their time in power. Rachel Reeves has warned that Britain’s new Labor government has inherited “the worst set of circumstances since the Second World War.”
The political utilitarianism of the conservatives hindered the economic progress of the UK.
From the point of view of the Labor Party, the Conservative Party suffered from political utilitarianism and ignored national interests. Rachel Reeves accused the Tories of political opportunism, “We face a legacy of 14 years of chaos and economic irresponsibility.”
Reduction of tax revenues due to wrong economic policies
The failures of the Conservative economic policy led to the loss of British tax revenues. The wrong economic policies of the conservative party have led to a decrease in British tax revenues. Reeves claimed that the policies of the Tory party have led to the loss of 58 billion dollars of British tax revenues in 2023 alone.
The economic dissatisfaction of the British during the conservative era
The Pew Research Institute has published a report on June 20. This report measures the views of the residents of England, Scotland, Wales, and Northern Ireland regarding the political and economic situation. According to the results, 78% of the British believe their economy could improve. 60% are also dissatisfied with the degree of realization of democracy in the country. Also, official reports show that this country’s waiting line for medical services has peaked. During the 14 years of the Conservative Party’s rule in the UK, the number of patients waiting to receive medical services has increased significantly. This statistic has risen to 7.6 million people, corresponding to 6.3 million patients. These destructive events happened during the 14 years of the Conservative Party’s rule.
Decrease in the economic and political satisfaction of the British citizens.
In the Pew poll, 27% of conservative supporters and 18% of Labor Party supporters said their economy is in good condition. Conservatives’ economic policy failures have made even the supporters of this party unhappy. Even among the Conservative Party, positive views about the economy have decreased by 50% in the last three years. Another part of this survey measures the opinions of the British people towards the state of democracy in their country. Based on this, 60% of the people are dissatisfied with the existing democracy in their country; On the other hand, only 39% expressed satisfaction.
The weak performance of the conservatives is the reason for their electoral defeat.
The weakness of conservative economic policies has created bad conditions for the British. The British cannot afford the cost of living. Their purchasing power is decreasing daily, and the statistics for theft and crime are increasing. Inflation is also growing, which shows their inability to control prices. All these factors led to an intense dissatisfaction with the policies of the conservatives. Therefore, one of the most important reasons for the electoral defeat of conservatives is their poor economic performance. The Labor Party took over the British government in a dire financial situation. This party will face many challenges in British economic management.
