Britain on track to weak recovery, says IEA Economics Fellow


In the Media

Christopher Snowdon writes for The Critic

In the Media

Julian Jessop quoted in City AM

Commenting on January’s GDP data, Julian Jessop, Economics Fellow at the free market think tank, the Institute of Economic Affairs, said:

“Some growth is better than no growth, but the 0.2% increase in output in January is little to shout about. Monthly GDP has been oscillating between expansion and contraction, so one month’s data alone are not enough to change the big picture.

“For what it is worth, the UK almost certainly emerged from recession in the first quarter of the year. The slump in the final three months of 2023 gives a low base for comparison, and recent business surveys have been more positive. Falling inflation and lower interest rates should help growth to pick up over the course of 2024.

“Nonetheless, the recovery is likely to remain weak without more action to improve the supply side of the economy – the incentives to work and to invest – and to fix the UK’s longstanding productivity problems. Fundamental reform of our broken planning system would be a good start.”


Notes to Editors

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