The UK economy exhibited modest growth, with GDP rising by just 0.1% in Q4 2024. Retail sales also rose by 1.0% in February 2025. Experts express concerns about the cautious economic climate, attributing it to anticipated tax increases and rising utility bills. Commentators noted the stark contrast between policy rates and economic growth, calling attention to the Bank of England's role in the situation. The outlook suggests that despite slight growth, significant challenges lie ahead, particularly with impending tax changes that may hinder recovery efforts.
"The 0.1% GDP crawl and the savings spike point to a battening down of the hatches. This figure shows the economy's treading water rather than charging ahead."
"We have the largest differences between policy rate and growth. 4.5% versus 0.1% per quarter is astounding, raising questions about the Bank of England’s accountability."
"The UK economy is growing as much as artificial grass at the moment, with the damaging impacts of the tax on jobs still to hit after April."
"GDP growing, albeit barely, is clearly a positive but we have yet to see the impact of new tax rises in the upcoming October budget."
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