UK economy didn’t get the economists’ doom and gloom memo. Kevin Brown, Savings Specialist at Scottish Friendly, comments on this morning’s ONS GDP data

"There has been plenty of doom and gloom about the prospects for the UK economy. This GDP data gives a glimmer of hope that a revival is possible. Economists had widely been expecting a fall, but thankfully the UK economy didn’t get the memo.

"This is a very small break from the pervasive pessimism about the UK, and it’s still a tough hand for Chancellor Rachel Reeves, particularly if it makes the Monetary Policy Committee more hawkish on future rate cuts. Inflationary pressures remain and her headroom still looks vanishingly small.

"The Government’s ‘Plan for Change’ could further move the growth dial, but sadly not in the short-term. For that, consumers need to get back in the shops and businesses need to start investing again. That takes confidence and, despite the better-than-expected GDP figures today, confidence is still very much in short supply."