UK sees record economic growth but the cost of living crisis looms

Rishi Sunak says despite the Omicron COVID variant the "economy was remarkably resilient" and shows that the government's plans for the economy "are working".

The Chancellor gave the Government credit for the GDP rise but he says it's not their responsibility to "mandate" salary increases as the country faces a cost of living crisis.

Sky's Business Correspondent Paul Kelso reports.

[jacob---]

“It’s not the job of the government to come in and mandate things across the country”
That’s literally the point of the government

[creativity]

15 years ago £40k was a huge salary when 4bed house in london was available to rent at £900 ish. £40k is still considered a big salary while same house rent is £1800+ £170 council tax and other increased bills. Nobody is doing anything about this.

[chrisparti]

Economic growth means companies like Shell and BP had record profits, delivering great results for their directors and investors, whilst our energy bills sky rocketed. If our fuel increases were only due to an increase in raw gas and oil, then the energy companies wouldn't be making record profits, they are price gouging us all and the Tories are refusing to give them a windfall tax, instead we all get a 13% national insurance increase, and a loan to help with energy bills...

[fluphybunny]

Working full time and been able to afford to buy a house should be a reality for everyone.

[arrenwright]

So national wealth is rising but the civilian wealth is falling if that doesn't scream corruption then I feel sorry for the people of this great nation cause we will be entering a state of perpetual decline.

[owenmb]

So private profits are going up while workers' salaries, adjusted for the current inflation, are going down. "Growth"

[annealbrecht]

More food banks, higher utilities, higher petrol, pension dropped from third to second cap. Come on let’s wake up 😠

[johnyhenderson]

so the cost of everything is going up... normal peoples wages are staying the same (so going down) but share prices are up! somethings not right here is it? Why do we just accept that a "good economy" as they say means anything to normal people? isn't it just the wealthy are getting wealthier and the poor are paying for it?

[Mikeyish]

If the last two years taught me one thing. It's that figures presented by new agencies mean absolutely nothing.

[piccalillipit]

*MAN FINDS £30* of the £50 he lost on the way home - let's all celebrate this amazing achievement...

[davidgray]

How DARE they spin this as 'record growth.' Despicable.

[alanjames]

What the hell does he know about the cost of living ??

[springbuiltitall]

How has it seen record growth. The towns are empty

[gamingtonight]

So food is going to cost us, energy is going to cost us, and economic growth creates more C02, so that is going to cost even more!

[LincolnClay]

Does anyone else find the chancellor incredibly annoying? Or is it just me...

[miguelrosado]

It's fastest growing for the top 1% and their minions, meanwhile everyone else is struggling to find a decent job that can pay the energy bills.

[kappaslapper]

its called minimum wage, what's he on about " its up to companies" 🤨

[tracktime]

I'd love to see where all this economic growth is? The only thing I see growing is the BILLS!!! Sad to say that I'm not going to be able to buy anything else apart from Taxes, energy and basic food so I can't see how that's going to help grow the economy

[finnpepper]

Why is it is not his job to mandate things for companies? is that precisely what a government should do in protecting the people's wellbeing?

[emmanuelofori]

What a liar, the economy is growing for the very rich and not for the very poor.