Tories on defensive as economy slumps more than expected

GDP at 0.3% for Q1 2017

Tom Ellis
clock • 2 min read

Chancellor Philip Hammond has been forced onto the defensive on Friday, as quarterly GDP growth slowed to 0.3% in the first few months of 2017.

The official figure represents the slowest growth rate since the first quarter of 2016, according to the Office of National Statistics (ONS). The ONS originally forecasted the economy to slow down to a lesser extent, to 0.4% rather than the 0.3% figure it published on Friday. In defence, Hammond (pictured) argued employment was at "its highest ever rate" and was set to keep climbing.  Ahead of the General Election on 8 June, he told Sky News: "The British economy is resilient and the choice facing the British people on June 8th is between five more years of strong, stable government u...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Targeted support signals evolution in advice delivery

Targeted support signals evolution in advice delivery

Softer launches expected at first

Isabel Baxter
clock 10 April 2026 • 1 min read
CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read