Britain’s economy has received a much-needed boost, with the Gross Domestic Product (GDP) growing by 0.4 percent in May, surpassing analysts’ expectations of 0.2 percent growth.
This development is a welcome news for the newly-elected Labour government, which has made economic growth a top priority.
According to the Office for National Statistics, the GDP growth in May is an improvement from the flat growth recorded in April. The new finance minister, Rachel Reeves, has hailed the development, saying “Delivering economic growth is our national mission, and we don’t have a minute to waste.”
Reeves, who became the country’s first female chancellor of the exchequer, added that “A decade of national renewal has begun, and we are just getting started.” The centre-left Labour party, led by Prime Minister Keir Starmer, won a landslide victory in last week’s general election, ending 14 years of Conservative rule.
The GDP growth is seen as a positive sign for the new government, which has pledged to achieve the fastest growth among the Group of Seven advanced economies on a sustained basis. The development is also expected to boost investor confidence and create jobs.
