Economic growth revised up sharply in boost for Britain
7 months, 3 weeks ago

Economic growth revised up sharply in boost for Britain

The Telegraph  

The ONS said it now knew the economy was bigger that year because it has richer figures available from annual surveys and administrative data. When factoring in how much the British population grew and the better growth figures, the revisions mean real gross domestic product per head improved marginally at 0.1pc. The ONS also reviewed how much the economy grew in 2020 and 2021, finding that in the first year of the pandemic, GDP fell slightly less than expected by 0.1 percentage points to 10.3pc. Ms Gregory said: “This still implies the UK has lagged behind the US and the eurozone since the pandemic, although it is now not quite as far behind.” She added that upgrades to productivity were encouraging, and one might conclude the economy can grow faster than previously thought without overheating. So it’s possible the OBR judges actual growth has been running a bit further above potential than it previously thought and leaves its medium-term growth forecasts broadly unchanged as a result.” Measuring economic growth is difficult and imprecise, meaning revisions are common especially after turbulent times.

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History of this topic

Rosy OBR spares Reeves from £50bn black hole - but it's only a matter of time before reality bites: PATRICK TOOHER
Trending News
2 days, 20 hours ago

Rosy OBR spares Reeves from £50bn black hole - but it's only a matter of time before reality bites: PATRICK TOOHER

Daily Mail  

We knew the public finances were in a bad way. Upbeat: OBR’s forecasts have allowed the Chancellor to meet her ‘ironclad’ target of balancing the books by 2028-29 with a paltry £10bn to spare Strong productivity growth – how much more efficiently we as a country use our assets, including labour and technology, to produce more goods and services – …

Britain's wealth squashed under Reeves... and it could get WORSE: Brits face an extra YEAR of flatlining wealth, a record tax burden with fears of more to come - and the only thing propping up GDP is
3 days, 2 hours ago

Britain's wealth squashed under Reeves... and it could get WORSE: Brits face an extra YEAR of flatlining wealth, a record tax burden with fears of more to come - and the only thing propping up GDP is

Daily Mail  

Brits are facing four years of flatlining wealth - and a new record tax burden - as a grim report underlined how even meagre economic growth has been driven by immigration. The tax burden is still on track to hit a record high of 37.7 per cent of GDP in 2027-28, from 35.3 per cent this year, with frozen thresholds …

UK’s Reeves floats ‘radical shake-up’ of bureaucracy to cut business costs
1 week, 5 days ago

UK’s Reeves floats ‘radical shake-up’ of bureaucracy to cut business costs

Al Jazeera  

British chancellor to meet regulators on Monday to announce ‘action plan’ for cutting red tape. The United Kingdom’s Labour Party government is set to announce a “radical shake-up” of bureaucracy aimed at cutting administrative costs for businesses by a quarter. British Chancellor of the Exchequer Rachel Reeves is set to meet with regulators on Monday to announce the “action plan” …

UK economy unexpectedly shrinks in January, in blow to Treasury chief ahead of key statement
2 weeks, 1 day ago

UK economy unexpectedly shrinks in January, in blow to Treasury chief ahead of key statement

Associated Press  

LONDON — The British economy unexpectedly shrank during January, piling pressure on Treasury chief Rachel Reeves before a key statement about the state of the public finances later this month. Though monthly figures are notoriously volatile and prone to future revision, the decline puts in sharp relief the struggles the Labour government, elected last July after 14 years in opposition, …

UK economy shrinks 0.1% in January, adding pressure on Labour government
2 weeks, 1 day ago

UK economy shrinks 0.1% in January, adding pressure on Labour government

India Today  

The British economy unexpectedly shrank during January, piling pressure on Treasury chief Rachel Reeves before a key statement about the state of the public finances later this month. Though monthly figures are notoriously volatile and prone to future revision, the decline puts in sharp relief the struggles the Labour government, elected last July after 14 years in opposition, is having …

What the recent GDP data revisions reveal
2 weeks, 2 days ago

What the recent GDP data revisions reveal

The Hindu  

National accounts data released on February 28, 2025 by the National Statistical Office provide two sets of information pertaining to, first, revised annual Gross Domestic Product /Gross Value Added estimates for 2022-23, 2023-24 and 2024-25 and, second, Q3 2024-25 GDP/GVA estimates accompanied by the second advance estimates for 2024-25. Looking at the four quarterly real GDP growth rates of 2024-25 …

BOE’s Bailey Warns Economy ‘Static’ Despite Surprise Growth
1 month, 1 week ago

BOE’s Bailey Warns Economy ‘Static’ Despite Surprise Growth

Live Mint  

-- Bank of England Governor Andrew Bailey warned that the UK economy is still “static,” pouring cold water over surprisingly strong growth figures at the end of 2024. In an interview on Monday, Bailey pointed to a tepid underlying growth picture and a “softening” labor market after the unexpected 0.1% rise in gross domestic product in the final quarter. “We’ve …

Does GDP growth mean ‘more money in your pocket’?
1 month, 2 weeks ago

Does GDP growth mean ‘more money in your pocket’?

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “And that’s why I am determined to go further and faster in delivering the economic …

Stagflation threat rises as Bank of England downgrades growth to spark fears of economic crisis: Live
1 month, 3 weeks ago

Stagflation threat rises as Bank of England downgrades growth to spark fears of economic crisis: Live

The Independent  

Chancellor Rachel Reeves has said she is ‘not satisfied’ with the UK’s growth rate Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. …

UK economic growth forecasts downgraded for 2025 – EY
1 month, 3 weeks ago

UK economic growth forecasts downgraded for 2025 – EY

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Stagnant growth late last year …

UK economic growth forecasts downgraded in blow for Reeves
1 month, 3 weeks ago

UK economic growth forecasts downgraded in blow for Reeves

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Stagnant growth late last year means the UK economy will …

Reeves's big plan for growth is totally doomed... and it's all the fault of her terrible Budget which has crippled Britain's economy: ANDREW NEIL
2 months ago

Reeves's big plan for growth is totally doomed... and it's all the fault of her terrible Budget which has crippled Britain's economy: ANDREW NEIL

Daily Mail  

Rachel Reeves now wears a near-permanent rictus grin. She harbours a growing worry, as every week brings more bad news for the British economy, that her disastrous October Budget has set the country on a downward spiral which windy talk about ‘an unrelenting focus on growth’ and ‘hard-wiring growth into every Cabinet decision’ cannot reverse. Starmer has even talked multiple …

Chancellor's shoddy retread: Reeves must stop the doom-mongering and back UK tech, says ALEX BRUMMER
2 months ago

Chancellor's shoddy retread: Reeves must stop the doom-mongering and back UK tech, says ALEX BRUMMER

Daily Mail  

There are alternative ways of looking at politicians who rapidly change the script. As laudable as this change of heart may be – getting behind Britain’s cutting-edge AI, bio-sciences, finance and creative sectors is critical – the horse already has bolted. Turnaround: Chancellor Rachel Reeves has embarked on an ambitious reversal with her emphasis on growth The £40billion tax-raising Budget …

UK economy to grow by 1.6% this year after weaker-than-expected 2024 – IMF
2 months, 1 week ago

UK economy to grow by 1.6% this year after weaker-than-expected 2024 – IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Of course, some of the Budget is financed by …

UK set to be the fastest growing European economy as IMF forecast gives boost to Reeves
2 months, 1 week ago

UK set to be the fastest growing European economy as IMF forecast gives boost to Reeves

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery The chancellor has been under pressure over the struggling economy “The …

PM demands ‘concrete proposals’ on growth from regulators
3 months ago

PM demands ‘concrete proposals’ on growth from regulators

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In letters sent last week, Sir Keir Starmer, Chancellor …

Starmer and Reeves must be clear about the sacrifices needed to achieve econmic growth
3 months ago

Starmer and Reeves must be clear about the sacrifices needed to achieve econmic growth

The Independent  

No amount of political tinsel or rhetorical baubles can disguise the grim reality that the British economy is flatlining. Equally plainly, the downbeat mood struck by Labour ministers following the general election, with their talk of a crisis in the public finances, cannot have helped matters; and if the latest surveys are anything to go by, Ms Reeves’s Budget measures …

UK economy fails to grow, registers 0% quarterly growth
3 months ago

UK economy fails to grow, registers 0% quarterly growth

Firstpost  

In a blow to promises of Prime Minister Sir Keir Starmer, the British economy failed to grow in the July-September quarter and registered 0 per cent growth The British economy failed to grow in the July-September quarter and registered 0 per cent growth. The British Office for National Statistics on Monday revised the earlier quarterly growth estimate of 0.1 per …

UK economy shrinks again in another blow to Reeves, new figures show
3 months, 2 weeks ago

UK economy shrinks again in another blow to Reeves, new figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves said the figures were disappointing “We are determined to deliver economic growth as …

British businesses say budget stifling growth
4 months ago

British businesses say budget stifling growth

China Daily  

By EARLE GALE in London | China Daily Global | Updated: 2024-11-26 11:01 Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves, host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street in London, Britain, Nov 21, 2024. After surveying its 190,000 member-businesses, the organization, which is also known as the …

British businesses say budget stifling growth
4 months ago

British businesses say budget stifling growth

China Daily  

Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves, host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street in London, Britain, Nov 21, 2024. After surveying its 190,000 member-businesses, the organization, which is also known as the CBI, said tax rises contained in the budget mean companies now expect to …

British businesses say budget stifling growth
4 months ago

British businesses say budget stifling growth

China Daily  

Britain's Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves, host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street in London, Britain, Nov 21, 2024. After surveying its 190,000 member-businesses, the organization, which is also known as the CBI, said tax rises contained in the budget mean companies now expect to …

It’s time Britain got real – the only way is Europe
4 months, 1 week ago

It’s time Britain got real – the only way is Europe

The Independent  

The chancellor’s response to the latest miserable economic growth figures was peevish to the point of bizarre. Sounding like a mum who’s been told her children have just flunked their mock exams, this trained economist declared: “I am not satisfied with these numbers.” If a chancellor’s mere disfavour was sufficient to boost growth, then all our problems would soon be …

Reeves ‘not satisfied’ as economic growth slows in third quarter
4 months, 2 weeks ago

Reeves ‘not satisfied’ as economic growth slows in third quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves has said …

UK economy under Labour stalls - what that means for you and your money
4 months, 2 weeks ago

UK economy under Labour stalls - what that means for you and your money

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chancellor Rachel Reeves has said …

UK Treasury chief says she’s not satisfied by paltry third-quarter economic growth
4 months, 2 weeks ago

UK Treasury chief says she’s not satisfied by paltry third-quarter economic growth

Associated Press  

LONDON — Britain’s Treasury chief Rachel Reeves said Friday that she is “not satisfied” by official figures showing the British economy’s rebound from recession slowed down sharply in the third quarter of the year, as the country’s top central banker voiced his concerns about the economic damage wrought by the U.K.'s departure from the European Union. The Conservatives’ Treasury spokesperson, …

UK economic growth upgraded this year amid ‘temporary boost’ from spending
4 months, 4 weeks ago

UK economic growth upgraded this year amid ‘temporary boost’ from spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy is set …

The charts that show why Reeves has condemned Britain to a low-growth future
4 months, 4 weeks ago

The charts that show why Reeves has condemned Britain to a low-growth future

The Telegraph  

Ms Reeves’s decision to ramp up employers’ National Insurance will not help, as it imposes costs on businesses – which will be less likely to hire workers as a result – and on staff, who can expect smaller wage increases as a result of the policy. The OBR said higher pay growth in the near term would be followed by …

Budget to knock £20bn off growth, warns Wall Street bank
5 months ago

Budget to knock £20bn off growth, warns Wall Street bank

The Telegraph  

Rachel Reeves’s plans to raise taxes and spending in the Budget will wipe £20bn of potential growth from Britain’s economy, a Wall Street bank has warned. Here after a period of increasingly expansionary fiscal and tightening monetary policy, material headwinds now loom.” It comes as Ms Reeves’s “gloomy” rhetoric ahead of the Budget was blamed for a downturn in business …

UK economic growth forecasts downgraded for next two years – economists
5 months ago

UK economic growth forecasts downgraded for next two years – economists

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. EY Item Club’s latest quarterly economic forecast also suggested that caution by Bank of …

Britain facing biggest tax rise in G7 even before Reeves’s Budget
5 months ago

Britain facing biggest tax rise in G7 even before Reeves’s Budget

The Telegraph  

The IMF warned that UK debt was on course to keep climbing until the end of the decade, putting it on an unsustainable path. Its chief economist warned this week that rising debt could leave the UK at the “mercy of market pressures” in the absence of a plan to drive it down. The IMF’s latest projections show “general government …

New figures show UK economic growth weaker than first thought
5 months, 4 weeks ago

New figures show UK economic growth weaker than first thought

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Growth across the UK economy was weaker than previously thought …

OECD optimistic about UK's economy
6 months ago

OECD optimistic about UK's economy

China Daily  

Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. In an optimistic assessment likely to please the UK's new Labour Party government, the Paris-based organization said it expects the UK economy to be the joint-second fastest-growing among G7 nations. In its latest twice-yearly global economic outlook, the OECD predicted the …

Britain's booming... but Labour's gloom and doom hits High Street: Government urged to stop talking the country down
6 months ago

Britain's booming... but Labour's gloom and doom hits High Street: Government urged to stop talking the country down

Daily Mail  

Labour has been urged to stop talking the country down after it was handed the biggest growth upgrade in the G7 but was warned that its doom-mongering was deterring ­consumer spending. The Organisation for ­Economic Cooperation and Development said Britain's gross domestic product will grow by 1.1 per cent this year, up from a previously forecast 0.4 per cent. But …

Britain’s choice: spiralling debt, £40bn in spending cuts or tax rises every 10 years
6 months, 2 weeks ago

Britain’s choice: spiralling debt, £40bn in spending cuts or tax rises every 10 years

The Telegraph  

However, Mr Hughes rejected a suggestion by Darren Jones, the Chief Secretary to the Treasury, that the soaring debt trajectory was purely down to the “shocking state that our public finances were left in by the previous government”. “Those are challenges that have faced successes in governments over extended periods.” Highlighting America’s rising debt trajectory, Mr Hughes added: “They’re not …

UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC
6 months, 3 weeks ago

UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s economy is set to …

Why did the UK economy grow over the past quarter and what does it mean?
7 months, 2 weeks ago

Why did the UK economy grow over the past quarter and what does it mean?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy posted another …

UK economy the fastest growing in the G7 in 2024, economists say
7 months, 2 weeks ago

UK economy the fastest growing in the G7 in 2024, economists say

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “That is why we have made economic growth our national …

UK growth slows slightly in second quarter
7 months, 2 weeks ago

UK growth slows slightly in second quarter

Hindustan Times  

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday. UK growth slows slightly in second quarter The country's economy is growing after it exited a mild recession at the end of last year, helped by inflation falling back from four-decade highs. "The new …

Britain to be fastest growing major European economy, IMF predicts
8 months, 1 week ago

Britain to be fastest growing major European economy, IMF predicts

The Telegraph  

Thanks for joining me. 5 things to start your day 1) National Grid: Britain will remain dependent on gas for years | Forecasts predict higher than expected demand, in blow to net zero ambitions 2) We’re not a c----- employer, insists Wetherspoon boss after attack by union chief | Rebuttal comes as chain is accused of being ‘anti-union’ and offering …

UK finally sees growth in economy during May
8 months, 2 weeks ago

UK finally sees growth in economy during May

China Daily  

Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. The United Kingdom economy bounced back in May, showing signs of growth after a stagnant April and marking a continuation of the country's recovery from last year's recession. The Office for National Statistics, or ONS, reported a 0.4 percent increase in …

£10,200: How much worse off Britons are after 14 years of Tory rule
9 months ago

£10,200: How much worse off Britons are after 14 years of Tory rule

Al Jazeera  

Britons have lost the equivalent 15 weeks of wages based on comparisons with pre-2010 growth trend. UK Prime Minister Rishi Sunak’s Conservatives are widely expected to be deposed by the Labour Party, led by human rights lawyer-turned-prosecutor Keir Starmer, which has for months led the polls by about 20 points. Between 2007 and 2022, the UK’s gross domestic product per …

UK growth outlook brighter as consumer spending set to rebound, says CBI
9 months, 3 weeks ago

UK growth outlook brighter as consumer spending set to rebound, says CBI

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. It’s encouraging to see that the outlook for the …

CBI predicts Britain’s economy will see faster-than-expected growth this year
9 months, 3 weeks ago

CBI predicts Britain’s economy will see faster-than-expected growth this year

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s economy will see faster-than-expected growth this year and next as …

Britain's economy is 'picking up steam' as households start to feel better off and drive growth, business group study suggests as they upgrade growth forecast
9 months, 3 weeks ago

Britain's economy is 'picking up steam' as households start to feel better off and drive growth, business group study suggests as they upgrade growth forecast

Daily Mail  

Britain's economy is 'picking up steam' as households start to feel better off and drive growth, a new forecast from the Confederation of British Industry suggests. The business group has upgraded its forecast for gross domestic product growth this year from 0.8 per cent to 1 per cent and for next year from 1.6 per cent to 1.9 per cent, …

Budget will reflect ‘economic better times coming up’, minister insists
1 year ago

Budget will reflect ‘economic better times coming up’, minister insists

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A minister has insisted the …

UK slumps into the red with GDP dropping 0.5% in July as families and businesses struggle to cope with soaring interest rates... amid fears BoE is poised for more hikes
1 year, 6 months ago

UK slumps into the red with GDP dropping 0.5% in July as families and businesses struggle to cope with soaring interest rates... amid fears BoE is poised for more hikes

Daily Mail  

The UK has slumped into the red as spiking interest rates and dire weather hammered activity in July. Grim figures showed GDP dropped 0.5 per cent - far worse than the 0.2 per cent expected by analysts and the biggest fall since last December. Grim figures showed GDP dropped 0.5 per cent in July - far worse than the 0.2 …

Britain faces years of stagnation because of high interest rates, economists warn
1 year, 8 months ago

Britain faces years of stagnation because of high interest rates, economists warn

The Telegraph  

Britain is facing a prolonged economic slump caused by higher interest rates, economists have warned, with the battle against inflation set to weigh on growth for years to come. In its latest quarterly update, the group said the economy is set to grow by 0.8pc next year, less than half its previous prediction of 1.9pc. Martin Beck, chief economic adviser …

Truss’s taskforce claims average Briton £10,000 worse off than US counterpart
1 year, 8 months ago

Truss’s taskforce claims average Briton £10,000 worse off than US counterpart

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. If over the next two decades the UK economy could achieve annual GDP per …

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