Why Britain stopped working
What sent the economy into recession at the end of last year? The government blames higher interest rates, ushered in by the Bank of England. The Bank in turn points the finger at shocks such as Russia’s war against Ukraine. Both are plausible answers – and certainly part of the equation. But the Office for National Statistics has offered up another explanation, one that the Chancellor Jeremy Hunt will be grappling with as he prepares for the Budget in two weeks’ time: mass worklessness. ‘If more people were in work, consuming, producing,’ said ONS chief economist Grant Fitzner when the recession was announced, ‘we would have higher GDP numbers.’ Those numbers would be quite a bit higher, according to The Spectator’s calculations.