0:00
Rachel Reefs didn't have a great 2025.
0:02
UK quarterly GDP growth peaked in Q1 at
0:05
0.7% as firms front-loaded their
0:08
activity to get ahead of Trump's tariffs
0:10
before slumping to 0.3% in Q2 and then
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flatlining at 0.1% for the final two
0:16
quarters of the year. Now, that line
0:18
tells its own story, but within it there
0:20
were moments of absurdity, such as the
0:22
Chancellor sobbing in the Commons, and
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tragedy, such as the deeply damaging
0:26
period of speculation leading up to the
0:28
budget. Now, next week when she delivers
0:30
the setpiece statement to the Commons,
0:33
she will attempt a number of difficult
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things. Firstly, she will try to avoid
0:36
making any news. No new tax or spending
0:39
announcements are expected. Secondly,
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she'll try to tell us that we are in
0:43
fact experiencing national renewal, that
0:46
interest rates have come down, inflation
0:47
is falling, and by some creative
0:49
measures, our economic growth is ahead
0:51
of the pack. She will invite us to
0:53
ignore the evidence of our own eyes.
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Finally, she'll try to demonstrate that
0:57
the government's prudent management of
0:58
the economy has delivered a
1:00
multi-billion pound windfall through
1:02
lower borrowing following strong
1:04
financial figures in January showing a
1:06
30 billion pound surplus after borrowing
1:08
for the financial year to January came
1:11
in at12 billion around 11.5% lower than
1:15
the same 10-month period last year.
