The former Cabinet minister spoke out as a major business group said that Britain is already in a recession and that the run-up to Christmas would see a rise in “severe inflationary pressures.”
‘Obviously, if Liz wins and she puts forward a Budget, I, like everyone else, will look at the measures,’ said Mr. Gove, who supports Rishi Sunak.
But I always have a natural tendency to support the Conservative Party leader.
The former Cabinet minister spoke out as a major business group said that Britain is already in a recession and that the run-up to Christmas would see a rise in “severe inflationary pressures.”
Mr. Gove, who has been the focus of rumors that he could resign as an MP, likewise said that he would stay in the Commons but did not anticipate joining the government in the event that Miss Truss is elected.
Hours before the Prime Minister announced his resignation, Boris Johnson fired him from his position as Levelling Up Secretary.
When asked whether he would sit at the “upper table” if Miss Truss won the Conservative leadership contest, Mr. Gove said, “I don’t think so.”
She will want to ensure that her cabinet is completely supportive of her goals and intentions. If Liz wins, I have absolutely no intention of serving in government.
The British Chambers of Commerce (BCC) had recently reduced its assessment for the UK economy and predicted that by the end of the year, prices would be rising at a rate of 14%, three times faster than earnings.
It highlighted problems that were originally sparked by the epidemic but were made worse by the conflict in Ukraine, including rising energy prices, declining family purchasing power, and a gloomy global outlook that was weighing on exports.
The BCC’s head of policy, Alex Veitch, declared: “Neither consumers nor companies will find comfort in our most recent quarterly economic projection.”
Hours before the Prime Minister announced his resignation, Boris Johnson fired Mr. Gove from his position as the Levelling Up Secretary.
He said that as a result of “rampant inflation,” expenses for firms were going up and some were finding it difficult to stay in business. As we approach Christmas, he said, “The tremendous inflationary pressures presently existing are only going to grow.”
A recession that would last until 2023 has already been projected by the Bank of England to begin at the end of this year.
However, the BCC anticipates an earlier start. According to their prediction, after contracting by 0.1% in the second quarter of this year, the GDP would have declined by a further 0.1% from July to September and 0.3% by the end of 2022.
Two consecutive quarters of decreasing GDP are the traditional criteria for defining a recession.