Exchequer Secretary to the Treasury James Murray has refused to rule out the possibility of a recession during a heated exchange on the Camilla Tominey Show.
When pressed about the UK's economic outlook, Murray said: "I can't predict everything that's going to happen over the next five years. I can't predict the future."
The exchange comes amid a sharp decline in consumer confidence across Britain, with new research showing a drop to -34 in January from -27 in December.
Economic concerns are deepening nationwide as retailers and consumers face mounting pressures at the start of 2025.
James Murray refused to rule out the possibility of a recession
GB News
Rising costs and Government policies are contributing to what experts predict will be a challenging period for British businesses and households.
Camilla highlighted these concerns during the interview, stating: "Actual figures aren't looking particularly positive. In fact, some economics experts think that we might actually go into recession."
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Murray explained: "What the headlines like that underscore, is how important it is that we go further and faster to boost economic growth.
"That is why we are relentless about this, and we will be doing everything we possibly can to get growth to increase.
"If you look at what the IMF and the OECD have said recently, they've set out that we will be growing at a fast rate over the coming years.
"And if you look at what PwC said, for instance, we're the second best investment location in the world, only after the US. So there is cause for optimism."
Consumer confidence in the economy is droppingGETTYAsked if he would rule out a recession, Murray said: "I can't predict everything that's going to happen over the next five years. I can't predict the future.
"What we know is that there are economic headwinds affecting the UK, but that, for me, underscores the importance of us going further and faster.
"The headlines say to me is that we need to go further and faster and boost economic growth.
"That is why we're so determined to make these changes to planning, to all of the things that get in the way of growth, because we know that the way to get out of the situation we're in is to get the economy growing."
James Murray said that he 'can't predict the future'
GB News
Clive Black from Shore Capital said the UK might be in a "technical recession," which happens when GDP shrinks for two consecutive quarters.
He added: "The Prime Minister and the Chancellor of the Exchequer have notably damaged the momentum of the UK economy since they came to power through their flawed messaging and policy announcements.
"The relief that the rotten Tories 'went' in 2024 has been replaced by a sense of extended agony, which is especially draining for participants in the UK economy."
