The UK economy saw a surprising growth of 0.1% in the last quarter of 2024, driven by strong performance in construction and hospitality sectors, contrary to predictions of contraction. December's growth was marked by a surge in film distribution and industrial output. Nonetheless, living standards have dipped compared to 2023, raising apprehensions about upcoming government tax increases and rising costs for businesses. The Bank of England has reduced its growth forecast for 2025, indicating a cautious outlook as economic conditions remain volatile and businesses face increased operational costs.
It's not possible to turn around more than a decade of poor economic performance in just a few months, but we are committed to doing just that.
Business sentiment is on the floor, with investment and consumer spending down. Overall, the economy is unlikely to do more than move sideways over the next six months.
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