Jack Barnett
@__JackBarnett
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Economics correspondent at @TheTimes /// 🦅
Joined May 2021
🟥 UK economy grew 0.1% in the final three months of last year, topping analysts’ and the Bank of England’s expectations. In December alone, GDP expanded by 0.4%, powered by the services industry
GDP grew 0.1% in Quarter 4 (Oct to Dec) 2024; services (+0.2%) and construction (+0.5%) both grew while production fell (-0.8%). Read GDP first quarterly estimate ➡️
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Interesting chart from the Bank of England - without the public sector, the economy would be dead
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Every newsroom sub
FED'S POWELL: WE JUST CHOSE TO SHORTEN THE SENTENCE ON INFLATION, SENTENCE ON INFLATION NOT MEANT TO SEND SIGNAL.
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RT @ONS: The population of the UK is projected to increase by 4.9 million (7.3%) over the first 10 years of our latest population projectio…
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EXC: Under private finance initiatives, successive UK governments have made payments to private firms which are on average three times the cost of constructing public assets. Research from @NIESRorg and @_maxmosley
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RT @OBR_UK: Thanks to requests for additional information since our October 2024 EFO, we have now published supplementary releases providin…
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EXC: The cost of pulling together the ONS’ new labour market data has doubled to £40m in the past year amid persistent delays to its publication
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🟥 UK economy grows by 0.1% in November following two months of negative growth. The rise was lower than analysts expected
GDP grew 0.1% in November 2024. Services grew 0.1%, production fell 0.4% and construction grew 0.4%. Read the release ➡
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Beyond inflation UK figures this morning, the @wef has warned that the global economy is the most divided since the Cold War - which is nice
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🟥 Government bond yields fall sharply at the open, with the rate on the benchmark 10-year gilt down 10bps to 4.811%. Yield on the 30-year also down 8bps. FTSE 100 jumps by 0.6%
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UK long term bond yields now above levels since after Truss's mini-budget. Worth remembering that, in October 2022, BoE base rate was 2.25% while the 30-year was around double that level. Now base rate is 4.75% and the 30-year yield is 5.2%, a *much* smaller "moron premium"
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This year's Times economists survey: - Bank of England to cut at least 4 times from 4.75% - 2025 UK growth 1% to 2% - US interest rates to fall *very* gradually - No end to Russia-Ukraine war
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