Because of the rise in energy prices and a general increase in the cost of living, this is going to be a difficult year for everyone
Living standards are likely to take a hit for all of us: to ensure that wages recover from this and that there is enough money to protect our public services, we need to get productivity up and ensure the economy grows.
So it is encouraging that figures released this morning show that the UK economy grew by 1.3 per cent from October to December 2021, indicting that showing that our economy is recovering.
- Thanks to the hard work of many people in our wealth-creating firms and businesses, the government's £400 billion package of support, Britain's historic vaccination programme, and the government making the right calls at the right time, the economy continues to bounce back from the pandemic.
- New figures released this morning demonstrate the benefits of our approach, with the UK’s GDP growing by 1.3 per cent in Q4 of 2021 – upwardly revised from the first estimate of a 1 per cent increase.
- This shows that the government's plan for jobs our plan is working – and we are continuing to help the economy rebuild through boosts for businesses and support for households with the cost of living.