Fast growing economy is boost for chancellor

THE UK economy grew at the fastest rate in a year over the first quarter of 2025.

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Gross domestic product (GDP) increased by 0.7% between January and March, the Office for National Statistics (ONS) said, ahead of economists’ expectations of 0.6% growth for the quarter.

It was also the highest GDP rate since the first quarter of 2024, when the economy jumped by 0.9%.

Growth was driven by the services sector, despite some businesses warning that they were grappling with rising costs.

Ms Reeves said the figures “show the strength and potential of the UK economy”.

"Up against a backdrop of global uncertainty we are making the right choices now in the national interest,” she said.