The UK economy grew three times as fast as initially estimated across 2023, researchers from the Office for National Statistics said after they gathered more detailed data on wages and businesses’ profits.
The ONS reported on Monday that output accelerated by 0.3 per cent last year, up from a previous estimate of 0.1 per cent.
Despite the upward revision, the UK was estimated to be the second slowest-growing economy in the G7 in 2023. Only Germany, which contracted by 0.1 per cent, recorded a worse performance.
Better than initially calculated growth is likely to strengthen criticism of the Labour government’s claim that it has inherited the worst economic situation from the Conservatives since the Second World War.
However, the ONS cut its estimate for