There is no doubt it has been a difficult few years, but today’s growth figures are proof that by sticking to the plan the economy is turning a corner for the first time since the pandemic and global energy crisis.
- The economy is showing strong growth of 0.6%
- Interest rates increasingly likely to be cut
- Earnings and pensions are growing strongly above inflation
- Inflation has fallen to 3.2% from 11.1% in October 2022 – now at the lowest rate in two and a half years
- Employment remains at near record highs at 75%, up by 4.8 points since 2010
It's not just these big headline indicators. Beneath them you'll find some impressive milestones too:
The UK is the fastest growing major European economy since 2010, with the IMF predicting the same for the next 6 years and we have decarbonised faster than any economy in the G7. We are both the 3rd largest technology sector in the world and have the 3rd highest rate of “greenfield” foreign direct investment.
This is all despite a global pandemic, global energy crisis, and war in Europe and the Middle East.
There’s still lots more to do, but today’s news shows why it’s important we stick to the plan that’s working. Find out more here.
