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

Barclays and AJ Bell eye targeted support offerings

Barclays and AJ Bell eye targeted support offerings

Exclusive: Firms waiting for FCA approval

Sophia Panayi
clock 08 July 2026 • 2 min read
CII launches vulnerability data sharing taskforce

CII launches vulnerability data sharing taskforce

Established three working groups

Sophia Panayi
clock 08 July 2026 • 2 min read
UK financial services M&A outpaces global deals in H1 as value surges eightfold

UK financial services M&A outpaces global deals in H1 as value surges eightfold

EY analysis

clock 07 July 2026 • 2 min read