Need to know
The Office for National Statistics said the UK economy grew by a better than forecast 0.3% in November – in a much needed boost to Chancellor Rachel Reeves
What you need to know about latest GDP figures
- Gross domestic product (GDP) basically measures the value of everything the UK churns out – and hence tells us the state the economy over a set period. In 2024, the UK economy was worth £2.8trillion.
- The Office for National Statistics said GDP rose by 0.3% in November, slightly better than economists thought, and offsetting a decline in October.
- November’s uptick in gross domestic product came despite fears that jitters ahead of Chancellor Rachel Reeves’ Budget at the end of the month held back spending by households and businesses
- The starting of production at Jaguar Land Rover’s factories – after a cyber attack on the firm forced their temporary shut-down – definitely helped. But consumer spending also did ok.
- But experts warn the UK economy remained stuck in the slow lane, with little hope of a significant pick-up any time soon. Growth next year is forecast to be no more than 1.5%, against a long-term average of more like 2.5%.
- Such weakness holds back the Treasury’s tax incomes and puts pressure on the Chancellor to consider other ways to raise money or reduce spending.
- Economists are divided on whether the data will prompt the Bank of England to cut interest rates again next month. The base rate is currently set at 3.75%.
- READ MORE UK ECONOMY UPDATES FROM THE MIRROR
At Reach and across our entities we and our partners use information collected through cookies and other identifiers from your device to improve experience on our site, analyse how it is used and to show personalised advertising. You can opt out of the sale or sharing of your data, at any time clicking the “Do Not Sell or Share my Data” button at the bottom of the webpage. Please note that your preferences are browser specific. Use of our website and any of our services represents your acceptance of the use of cookies and consent to the practices described in our Privacy Notice and Terms and Conditions.
