Category archives: Economic Review

Growth stronger than expected in late 2024  Data released last month by the Office for National Statistics (ONS) revealed that the UK economy unexpectedly grew in the final three months of last year, although more recent survey evidence still points to a sluggish outlook.  The latest gross domestic product (GDP) statistics showed that economic output […]

Chancellor unveils plan for growth  On 29 January, the Chancellor outlined her plan to boost economic growth during a speech in Oxford, although data released last month suggests the UK economy remained largely stalled at the start of this year.  In her speech to business leaders, Rachel Reeves set out a series of major announcements […]

Interest rates set to fall more gradually  Last month, the Bank of England (BoE) cut interest rates for only the second time since 2020 but also warned future reductions were likely to be more gradual due to the prospect of inflation creeping higher next year.   Following its latest meeting, which concluded on 6 November, the […]

Economy set for short term Budget boost  New economic projections produced by the Office for Budget Responsibility (OBR) suggest the Labour administration’s first Budget will provide only a ‘temporary boost’ to UK economic output.   Chancellor Rachel Reeves revealed the independent fiscal watchdog’s latest forecast during her Autumn Budget delivered to the House of Commons on […]

UK economic growth forecast upgraded  An updated forecast published last month by the Organisation for Economic Co-operation and Development (OECD) suggests the UK will be the joint-second fastest growing economy among the G7 nations this year.   According to the OECD’s latest projections, the UK economy is set to expand by 1.1% across the whole of […]

BoE starts to cut rates   In early August, the Bank of England (BoE) sanctioned the first reduction in interest rates since March 2020 and economists expect a second cut to be announced before the end of this year.  The closely-run decision was announced on 1 August following the latest meeting of the Bank’s Monetary Policy […]

UK growth stronger than expected  Figures released last month by the Office for National Statistics (ONS) showed the UK economy grew faster in May than had been predicted, while survey evidence points to a more recent post-election pick-up in business activity.  The latest gross domestic product (GDP) statistics revealed that economic output rose by 0.4% […]

Prospect of rate cut moves closer  While last month once again saw the Bank of England (BoE) leave interest rates unchanged at a 16-year high, the minutes to the Bank’s Monetary Policy Committee (MPC) meeting signalled a notable change in tone and economists now view a rate cut as the most likely outcome when the […]

UK growth rate at two-year high  Last month’s release of first-quarter gross domestic product (GDP) statistics confirmed the UK economy has now exited the shallow recession entered during the latter half of last year, while survey evidence suggests private sector output has continued to expand across the past two months.  The latest GDP data published […]