Economic stats show signs of the UK economy turning the corner

The independent Office for National Statistics released job statistics this week which show real wages have grown for the tenth consecutive month, a wages finally start to outpace prices, putting more money in people’s pockets.

  • We have made progress on our priorities, and in particular have delivered on the PM's promise to halve inflation, which has fallen from 11.1 per cent to 3.2 per cent. We are also making progress on the promise to grow the economy which is beginning to  bounce  back and grew by 0.6 per cent in the first quarter of 2024. 
  • This week’s statistics show that real wages have grown again for the tenth month in a row, with regular wages growing by 6.0 per cent in the past quarter compared with a year before, outpacing inflation at 3.2 per cent. The figures also show there are nearly four million more people in work since 2010 and economic inactivity is lower than any point under the last Labour government.
  • Whilst there is more to do, today’s news shows we must stick to the plan. Inflation down. Wages up. Unemployment down. Growth up. Taxes cut. The risk to our progress is Keir Starmer and the Labour Party who can’t say what they would do because they don’t have a plan. That means they’d do what Labour always do and increase unemployment and tax you more. This would take the country back to square one.

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