Pressure on Reeves eases as economy returns to growth in November
The Guardian|January 17, 2025
The UK economy grew by just 0.1% in November, which was weaker than expected but eased some pressure on Rachel Reeves after it contracted in the previous month.
Phillip Inman

The chancellor acknowledged that it would take time to revive the economy, responding to the figure by saying she was "determined to go further and faster" to kickstart growth.

City economists had forecast GDP would rise by 0.2%, and the weaker than expected figure raised the likelihood that the Bank of England will cut interest rates next month.

UK government borrowing costs dipped after the growth data was released, which will increase the chances that Reeves does not breach her fiscal rules. Bond yields dropped at the fastest rate since 2023 on Wednesday after UK inflation eased in another fillip for the chancellor.

This story is from the January 17, 2025 edition of The Guardian.

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This story is from the January 17, 2025 edition of The Guardian.

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