When will Rachel Reeves take responsibility for the economy?

Is Britain finally heading for growth? This week, the Treasury released its collection of short-term forecasts for the economy. The average growth prediction for this year has reached a new high of 1.1 per cent – still unimpressive, but a significant improvement from the 0.4 per cent expected at the beginning of the year. It’s welcome news for the Chancellor.

JP Morgan bumped up its forecasts this week as well, predicting 0.4 per cent growth between July and September, which equates to an annual growth rate of 1.5 per cent. Even more good news came from the GfK Consumer Confidence Index, Britain’s longest-running measure of economic sentiment, which held at a three-year high for August, suggesting British shoppers are optimistic about the economy’s direction.

Improved growth and good economic morale among the public will be a relief for Rachel Reeves, who hasn’t yet had a solid week of uplifting economic news.