Growth figures give boost to Reeves – but it’s too early to get carried away

UK Chancellor Rachel Reeves received a boost from stronger-than-expected economic growth figures in November, rising 0.3% despite pre-budget uncertainty. The growth was largely driven by a rebound in manufacturing after a cyber-attack impacted Jaguar Land Rover's output. Real estate and consumer-facing businesses struggled due to budget speculation, but the service sector performed well. Reeves aims to avoid similar speculation in the future with a simplified spring statement. Surveys indicate a slight economic improvement in December, and falling inflation, potentially hitting the Bank of England's 2% target, could further strengthen the economy. There are also tentative signs of jobs market stabilisation, workers are benefiting from real wage growth and households are sitting.

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