
Britain narrowly escapes recession – again
The Office for National Statistics (ONS) has just confirmed that the economy ‘grew’ by 0.1 per cent in the last three months of 2024. Its final estimate for the last quarter of last year confirms that Britain’s economy continues to float just above recession territory. The very modest growth in the final quarter was driven by the services sector, also 0.1 per cent, which outweighed a 0.3 per cent contraction in construction. On a per-head basis, GDP fell by 0.1 per cent. Each quarter from October 2023 to June last year had GDP growth revised upwards by 0.1 percentage points, with the ONS’s Chief Economist, Grant Fitzner, saying: ‘Today’s updated
