Rachel Reeves has said she is “not satisfied” after the surprising news that the UK economy grew in the last quarter of 2024.
On Thursday, figures from the Office for National Statistics (ONS) showed gross domestic product rose by 0.1 per cent from October to December last year.
This came after zero growth in the previous three months, and beat the forecasts of City economists and the Bank of England, who had predicted a decline.
But the chancellor has made it clear she is in no mood to celebrate the figures. Reacting to the news of economic growth, Reeves said she was “not satisfied.”
She said: “The growth numbers have come in higher than many expected, but I’m still not satisfied with the level of growth that our economy is achieving.
“And that’s why I am determined to go further and faster in delivering the economic growth and the improvements in living standards that our country deserves.
“We are doing what is necessary to bring stability back to the economy, reforming the economy, the planning system, regulation and pensions to encourage investment in our economy, which is the lifeblood of a successful economy.
“We need to go further and faster in doing that, to turn around our poor growth performance and to make working people better off.”
Even though overall GDP went up, GDP per head went down by 0.1 per cent because the UK population grew alongside economic output.
Reacting to the figures, shadow chancellor Mel Stride said Reeves’ budget was “killing growth.”
He said: “Working people and businesses are already paying for her choices with ever rocketing taxes, hundreds of thousands of job cuts and business confidence plummeting.
“It does not need to be this way. Under new leadership, the Conservative Party will continue to oppose Labour’s disastrous decisions and stand up for businesses and working people up and down our country.”
Since Labour came to power last summer though, the UK economy is 0.4 per cent bigger than it was.
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