Rachel Reeves's economic plans are under the microscope (Image: Getty)
Rachel Reeves was accused of killing economic growth “stone dead” despite better than expected figures. Britain's economy grew faster than expected in February, as the services and manufacturing sectors picked up after recent slow activity, official figures show. The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.5%, surprising economists who had forecast no economic growth.
And Chancellor Rachel Reeves said Donald Trump’s trade tariffs bonanza had upended prospects for the global economy in recent weeks.
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The levies could derail the Government’s plans to grow the economy, and they came into force just after Chancellor Rachel Reeves made a series of cuts at the spring statement in order to restore a narrow buffer in the public spending headroom.
The Chancellor warned the World has changed (Image: Getty)
But Shadow Chancellor Mel Stride said: “Since coming to office, Labour’s choices have killed growth stone dead and there is still a long way to go to recover.
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“At the emergency budget, the forecasts for growth, inflation and borrowing all moved in the wrong direction because of Labour’s decisions.
“Hardworking families deserve better than a Government crowing about sluggish growth whilst they will be ￡3,500 worse off because of the Jobs Tax.”
David Morrison, Senior Market Analyst at FCA-regulated fintech and financial services provider, Trade Nation, said "Finally there’s some good news for UK Chancellor Rachel Reeves. But it’s also the case that one number doesn’t make a trend. The outlook for the UK economy remains downbeat, with the added uncertainty of the effects of Trump’s watered-down tariffs.
"Amid the ongoing tariff chaos, the market reaction to the better-than-expected data was understandably muted. Sterling briefly spiked higher, while the FTSE 100 futures added to gains as they followed the overnight rally in US stock index futures."
Chancellor Rachel Reeves said: "These growth figures are an encouraging sign, but we are not complacent."
She added: "The world has changed and we have witnessed that change in recent weeks.
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"I know this is an anxious time for families who are worried about the cost of living and British businesses who are worried about what this change means for them.
"This Government will remain pragmatic and cool-headed as we seek to secure the best deal with the United States that is in our national interest.
"At the same time, we will be relentless in our work to kickstart economic growth, provide security for working people and renewal for Britain."
It also marks a significant monthly improvement after no growth in January, the ONS added.
The figures come as a surprise boost for Labour and Chancellor Rachel Reeves, after the party made growing the economy its key priority since winning the election last year, but momentum has been slow amid falling consumer confidence and rising inflation.
ONS director of economic statistics Liz McKeown said: "The economy grew strongly in February with widespread growth across both services and manufacturing industries.
"Within services, computer programming, telecoms and car dealerships all had strong months, while in manufacturing, electronics and pharmaceuticals led the way and car manufacturing also picked up after its recent poor performance.
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"Across the last three months as a whole, the economy also grew strongly with broad-based growth across services industries."
Prime Minister Sir Keir Starmer has rejected suggestions he will have to hike taxes or slash spending because of Donald Trump’s tariff blitz.
The Starmer government set out new fiscal rules in October 2024, at Rachel Reeves’ first budget as Chancellor, which prevent borrowing to fund day-to-day spending.