0:00
the UK economy unexpectedly grew at the
0:02
end of last year expanding by 0.1% in
0:05
the final 3 months of 2024 it may be a
0:08
small step in the right direction but
0:10
Chancellor Rachel Reeves insisted she
0:12
still isn't satisfied with the economy's
0:14
performance and her critics are far from
0:16
impressed meanwhile living standards are
0:19
still sluggish with economists noting
0:21
Britain's GDP per person is still below
0:23
pre pandemic levels so what does all
0:26
this actually mean figures released by
0:28
the office for National statistics show
0:30
that the UK economy grew by a tenth of a
0:32
percent between October and December
0:35
this was thanks to a 0.4% uplift in
0:37
December which the OMS link to services
0:40
and production and a strong showing by
0:42
the UK's pubs and bars on all those
0:44
pre-Christmas drinks it defied economic
0:46
forecasts after zero growth was recorded
0:48
in the previous 3 months which had
0:50
sparked fears the UK risked falling into
0:52
recession now looking less likely does
0:55
this mean we're all better off sadly not
0:57
quite living standards are continuing to
1:00
GDP per head fell by 0.1% in the final
1:03
quarter of 2024 and resolution
1:05
Foundation Economist Simon pway
1:08
described Britain as Meed in a living
1:10
standards downturn and experts at the
1:12
bank of England warn we could still see
1:14
limited growth throughout 2025 with the
1:16
economy forecast to grow just
1:19
0.75% what does this mean for the
1:21
government Reeves may be breathing a
1:22
small sigh of relief but she isn't out
1:25
of the woods just yet with fears
1:27
mounting over whether she will meet her
1:28
fiscal rules or opt to raise taxes yet
1:31
again the chancellor insisted she was
1:33
determined to go further and faster in
1:35
delivering the economic growth and
1:36
improvements in living standards that
1:38
our country deserves and to opposite
1:40
number Shadow Chancellor M stride said
1:42
ree's budget was still killing growth
1:44
and working people and businesses were
1:45
already paying for her choices the
1:47
government has vowed to achieve economic
1:49
growth for the UK and linked its success
1:51
to Rising living standards across the
1:53
country but with a budget that raised
1:54
taxes on business there's been little
1:56
sign of the sustained uptick in economic
1:58
performance ministers will be sorely
2:00
hoping for independent forecast to the
2:02
office for Budget responsibility is even
2:04
expected to downgrade the UK's growth
2:06
forecast in the spring statement on
2:08
March 26 warning these will wipe out the
2:10
treasury's so-called Headroom or spare
2:12
finances against its spending plans what
2:15
do you think about the UK's surprise
2:16
economic growth let us know your
2:18
thoughts in the comments and follow C
2:20
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