US EditionUK economy grows 0.7% in first quarter
- Official data released on May 15 in London revealed that the UK economy expanded by 0.7% between January and March 2025, exceeding the predicted growth rate.
- This growth followed a slow end to 2024 and occurred before new business taxes and U.S. Tariffs, which have raised concerns about sustained expansion.
- The growth was driven mainly by the services sector, with increased production output also contributing, while price rises and tariffs began to pressure the economy.
- Finance Minister Rachel Reeves highlighted that during the initial quarter of this year, the UK experienced the highest economic growth rate among G-7 nations, emphasizing the political significance of this achievement.
- Economists and the Bank of England caution the growth may be short-lived due to global trade tensions and expected weaker demand in upcoming quarters.
109 Articles
109 Articles
Trump tariffs set to threaten UK economy despite surprise growth boost
DONALD Trump’s tariffs will blow our economy off course — despite faster than expected growth this year. The levies and Chancellor Rachel Reeves’ £25billion tax raid on business will stop momentum in its tracks, experts warn. Experts have warned that Rachel Reeves’ joy will be short-lived as the impacts of tariffs and her own tax hikes have yet to hitPA GettyExports surged 3.5% as firms rushed orders to dodge looming US tariffs, experts warn[/…
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