UK economy sees worst growth since 2012

Annual growth of 0.6% weakest for more than seven years

clock • 3 min read

UK economy grew at its slowest rate since 2012 in November, meaning an interest rate cut could be on the cards

UK GDP grew at 0.6% in the 12 months to November, the Office for National Statistics said yesterday (13 January), down from 1% in October, representing the slowest annual growth rate for more than seven years. The figures come after Monetary Policy Committee member Gertjan Vlieghe told the Financial Times he would "need to see an imminent and significant improvement in the UK data to justify waiting a little longer" to cut rates. Sterling continued its decline on the news, with a 0.6% decline on Monday (13 January) seeing the currency drop below $1.30 once more. That buoyed the stockm...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

Barnett Waddingham appoints non-exec chair

Barnett Waddingham appoints non-exec chair

Baroness Helena Morrissey takes the role

Cameron Roberts
clock 25 November 2024 • 1 min read
Opportunities for the life insurance industry from Budget proposals

Opportunities for the life insurance industry from Budget proposals

Protection driven by IHT changes

Paula Steele
clock 22 November 2024 • 4 min read
Claims and Underwriting: Securing cover with liver disease

Claims and Underwriting: Securing cover with liver disease

“It was racing against the clock”

Jaskeet Briah
clock 21 November 2024 • 6 min read