The UK economy grew faster than expected in the first three months of the year. According to figures just released by the Office for National Statistics, GDP rose by 0.7 per cent in the first quarter – ahead of economists’ forecasts. If this pace were maintained across the rest of the year, Britain would far outperform its G7 peers
Growth was broad-based: the services sector expanded by 0.7 per cent, while production surged by 1.1 per cent – a notable bounce after a period of decline. Even on a per capita basis, GDP rose by 0.5 per cent after falling for two consecutive quarters.
So, is this a vindication of Chancellor Rachel Reeves, or just a fluke? Reeves was quick to take credit, hailing the results as evidence of ‘the strength and potential of the UK economy’.
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