The Office for National Statistics today released data showing UK GDP grew by 0.1% in the final quarter of 2024, but new new research from Best for Britain shows how deeper UK-EU alignment could drive more meaningful growth.
New figures from the Office for National Statistics revealed that Britain’s economy unexpectedly grew by 0.1% in the final quarter of 2024, confounding forecasts of a 0.1% decline. While the data is argued to have provided a modest boost for Chancellor Rachel Reeves following months of economic stagnation, GDP per head continued to fall, highlighting ongoing pressures on living standards.
The figures come as Best for Britain publishes landmark new research, undertaken by Frontier Economics, which models the impact of greater UK-EU regulatory alignment. The independent study finds that a common sense deal with the EU on both goods and services could boost UK GDP by 1.7% to 2.2%, while alignment on goods alone could still deliver growth of 1% to 1.5%.
Naomi Smith, CEO of Best for Britain said,
"Today's figures may have eased fears that the UK has slipped into recession but it is clear that the economy remains stagnant."
"Our landmark report published this week shows clearly that the Government can secure more significant growth across the UK by removing costs for businesses and consumers through deeper alignment with the EU on goods and services."