The prime minister said his priorities should be used to hold his government to account.
Downing Street said Mr Sunak's pledge to "grow the economy" will be met if the economy is bigger in the fourth quarter of 2023 than in the previous three months.This would not normally be seen as a difficult pledge, because the UK's economy is usually growing. The economy has got smaller in only four quarters in the past 10 years.
But there has not been a lot of growth recently. In the last four quarters, GDP grew only 0.1% three times and shrunk 0.1% in the other quarter. The UK economy isAnother problem for the government is that the pledge to grow the economy is made more difficult by its promise to halve inflation. The Bank of England has been putting up interest rates in an attempt to stop prices rising so quickly.
The reason behind this is that higher interest rates can reduce the demand for things. However, this slows economic growth.Debt fallingThe idea is that debt is falling if it is growing more slowly than the economy.The latest figures show that debt is above 100% of GDP for the first time since 1961. And if Mr Sunak does not manage to achieve his second priority of growing the economy, then getting debt to fall as a proportion of GDP becomes harder.
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