There's comfort in the GDP figures – but it's strictly early days
Philip Hammond’s response to the data shows that he also knows it is too soon to take a ‘steady as she goes’ approach
Philip Hammond took comfort from the latest GDP figures – and well he might. When the chancellor moved into No 11 there was still the possibility that doom-and-gloom forecasts by the International Monetary Fund and even the Treasury itself would come to pass.
That Britain has avoided a recession and, more than that, maintained an annual growth rate of around 2% is a testament to the resilience of an economy that has grown solidly for the last three years and surpassed all other G7 countries this year.Continue reading...