The United Kingdom’s economy experienced a slight slowdown in the second quarter of 2024, with growth of 0.6% compared to 0.7% in the first quarter, according to data released by the Office for National Statistics (ONS) on Thursday.
This report covers the period leading up to the country’s general election in early July, where the centre-left Labour Party secured victory on a platform promising significant economic growth.
Reacting to the latest figures, Finance Minister Rachel Reeves acknowledged the challenges ahead for the new government, stating, “The new government is under no illusion as to the scale of the challenge we have inherited after more than a decade of low economic growth and a £22 billion ($28 billion) black hole in the public finances.”
Reeves emphasized that economic growth is the new government’s top priority, adding, “We are taking the tough decisions now to fix the foundations, so we can rebuild Britain and make every part of the country better off.”
The report comes as the UK continues to navigate economic uncertainty and the impacts of both domestic and global factors on its financial stability.
