The UK economy grew faster than expected in February according to the latest figures, in a boost for Labour and Rachel Reeves.
After several months of little to no growth, the UK grew by 0.5% in February according to the latest figures from the Office for National Statistics (ONS).
The ONS said several factors contributed to the “widespread growth” across multiple sectors, They pointed in particular to a strong month in the services sector and a boost in manufacturing and production.
The economy had been predicted to grow by just 0.1% in February, and comes after a flat month in January and just 0.1% growth for the final quarter of 2024.
Commenting on today’s GDP figures for February, ONS director of economic statistics Liz McKeown said: “The economy grew strongly in February with widespread growth across both services and manufacturing industries.
“Within services, computer programming, telecoms and car dealerships all had strong months, while in manufacturing, electronics and pharmaceuticals led the way and car manufacturing also picked up after its recent poor performance.
“Across the last three months as a whole, the economy also grew strongly with broad-based growth across services industries.”
Reacting to the news of the surprising growth, the Chancellor said the figures were “encouraging” but the government are “not complacent.”
We must keep going further and faster on our Plan for Change,” Reeves said.
“The world has changed, and we have witnessed that change in recent weeks. I know this is an anxious time for families who are worried about the cost of living and British businesses who are worried about what this change means for them. This Government will remain pragmatic and cool-headed as we seek to secure the best deal with the United States that is in our national interest. At the same time we will be relentless in our work to kickstart economic growth, provide security for working people and renewal for Britain.”
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