The UK economy has grown for the first time in three months. The Office for National Statistics (ONS) reports that the economy expanded by 0.1 per cent in November after it contracted by 0.1 per cent in both September and October. This uptick is largely thanks to an increase in services output, which grew by 0.1 per cent in November 2024, after falling by 0.1 per cent in October (a downward revision from last month’s estimate that there had been no growth.
So has the economy turned a corner? It’s very difficult to spin this morning’s news in a wholly positive light. Yes, it’s good that the economy did not contract again, but November’s numbers are simply more evidence of a stagnant economy.
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