GDP monthly estimate, UK:
November 2024
Chancellor of the Exchequer said:
“I am determined to go further and faster to kickstart
economic growth, which is the number one priority in our Plan for
Change.
“That means generating investment, driving reform and
a relentless commitment to root out waste in public
spending, and today I will be pressing regulators on what more
they can do to deliver growth.
“After fourteen years of economic stagnation, this
Government's number one mission is to grow our economy. I will
fight every day to deliver that growth and put more money into
working people's pockets.”
Conservative response to GDP statistics
MP, Shadow Chancellor of the Exchequer, said:
“Labour inherited the fastest growing economy in the G7, now we
are stagnating. They are killing investment and jobs.
“This is the third month in a row of disappointing growth
figures. The Chancellor seems content with burying her head in
the sand and blaming the previous government, but this is a
crisis made in Downing Street. We need an urgent change of
course.”
GDP reaction:
Treasury should “hold its nerve”, says
IPPR
IPPR has reacted to this morning's GDP
data release for November 2024,
Pranesh Narayanan, economist
at IPPR, said:
“Today's growth figures are
encouraging but not outstanding. As we have repeatedly said, it's
clear that interest rates have become a drag on growth. They are
too high, given the expected inflation path, the Bank of England
must act soon to bring them down or is putting our prosperity at
risk for no good reason.
“The Treasury should continue to
hold its nerve and avoid knee jerk reactions to excitable bond
markets. They were moving more in response to uncertainty around
global inflation and interest rates driven by speculation around
incoming President Trump's economic policies, rather than
anything going on in the UK or Rachel Reeves' budget. More public
investment and well-funded public services will provide
businesses and consumers with the foundations they need to
achieve strong growth.”
