Thu, 13 Feb 2025

Thu, 13 Feb 2025 Surprise growth in UK economy at end of 2024

The economy expanded by 0.1% between October and December, official figures suggest.

* Economy expanded by 0.1% between October and December
* Growth driven by construction and services sectors, including pubs, bars, machinery manufacturers
* However, living standards slightly lower than in 2023 on average
* Tax rises coming into force in April may slow down economic growth
* Businesses warn of reduced cash for pay rises and job creation due to higher National Insurance contributions and rising business rates
* Bank of England halves its growth forecast for the UK this year
* Chancellor Rachel Reeves says government is taking necessary steps to bring stability to the economy, but still not satisfied with performance
* Shadow chancellor Mel Stride blames Reeves' Budget for "killing growth" in the UK
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