BBC Breakfast presenters Naga Munchetty and Ben Thompson halted their live show on Thursday (February 13) to deliver some “breaking” news.
The duo announced the latest UK economic figures, with the Office for National Statistics (ONS) confirming a slight growth of 0.1 per cent in the economy for the final quarter of 2024, an improvement following a stagnant period in the previous three months.
“Now, in the last few minutes, we’ve had the latest figures showing us how the economy performed at the end of last year,” Ben initiated the update.
Naga chimed in, “So, there was a small margin of growth at the end of last year,” before passing the segment to reporter Ben Boulos, who was on location at a tea factory in Newcastle.
“We’re at this tea factory, and I think it’s fair to say there’s a little bit of hope brewing in terms of the economy, with figures in the last few minutes showing that in the three months at the end of last year, the UK economy grew by 0.1 percent,” Boulos reported.
He highlighted that although the growth seems minimal, it defied expectations of a contraction, marking positive news for the chancellor and the government, who have consistently emphasised economic growth as the nation’s top priority, reports the Express.
Boulos also noted that gross domestic product (GDP) is a crucial indicator of economic health, reflecting increases in business activity across the country.
The slight uptick in economic growth implies that businesses, including factories, shops, and offices, are bolstering their workforce and ramping up investment in equipment, which results in more people earning income and subsequently contributing to taxes that support further services.
“That is why it is so crucial and such a big focus for the UK government. This latest figure comes just a week, though, after the Bank of England halved its growth forecast for the coming year, expecting the UK economy growth by just 0.75% in 2025,” concluded financial analyst Ben.
Additionally, the ONS has reported an estimated expansion of the economy by 0.4 per cent in December, outperforming many analysts’ expectations. Overall, this indicates that the economy experienced a 0.9 per cent growth throughout 2024.
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Chancellor Rachel Reeves expressed delight over the developments, stating in her remarks: “After 14 years of flatlining living standards, we are going further and faster through our plan for change to put more money in people’s pockets.
“That is why we are taking on the blockers to get Britain building again, investing in our roads, rail and energy infrastructure, and removing the barriers that get in the way of businesses who want to expand.”