By Yiannis Haniotakis

The UK economy has made small but unexpected growth between October and December, according to official data released by the National Statistical Service.

Specifically, the gross domestic product increased by 0.1% in the fourth quarter of 2024, surpassing the forecasts of City and Bank of England economists to reduce 0.1%.

In the quarter of July – September there was zero development. Analysts point out that the risk of recession still exists as the margins between shrinkage and growth is so close that future revisions can overturn the image.

Commenting on GDP data on Thursday morning, Finance Minister Rachel Reeves said that “For a long time, politicians have accepted an economy that fails to support workers. I won’t“

As he added: ‘After 14 years of stagnation at the standard of living, we are moving more dynamically and faster with our plan to change, so that we can put more money in the citizens’ pockets. That is why we are dealing with obstacles that hold Britain back, restarting building activity, investing in roads, rail networks and energy infrastructures, and removing restrictions that prevent business from growing. “

The Government’s budget ‘kills growth » And the workers pay the price, the shadow minister of Finance supported.

Reacting to the latest GDP data, Mel Straid added that “Business and consumers’ confidence has fallen sharply since the Labor Party announced new taxes of £ 40 billion in the budget. “