Economic growth
- 2024 annual economic growth: 1.1%
- quarterly economic growth: 0%
- annual growth forecast (1%)
- output gap: -0.6%
- GDP per capita: £36,000
- total GDP: £2.85 trillion
- services - 79%
- manufacturing - 14%
Unemployment
- unemployment rate: 4.4%
- economic inactivity rate: 21%
- employment rate: 75%
- consumer confidence: weak
Inflation
- CPI: 2.6%
- inflation expectations: 3.9%
- wage growth: 5.9%
Trade
- current account deficit: 2.6% of GDP
- productivity and investment: poor
- minimum wage: £12.21
- exchange rate: weak £
- £1 = $1.32 - US trade is slowing
- £ = €1.16 - European trade is stagnating
Government budget
- budget deficit: 4.8% of GDP (£140 billion)
- national debt: 95.5% of GDP
- income tax bands: £12500 tax free, then 20%, 40%, 45% - frozen until April 2028
- corporation tax: 25%
- VAT: 20%
- Gini coefficient: 0.35 (0 is good)
Interest rates
- Base rate: 4.5%
- average lending rate: 4.75%
- banks willingness to lend: good
- consumer confidence: very weak
- business confidence: very weak
- savings rato: 12%
- quantitative easing: £895 billion