GDP
Our coverage on GDP provides accountants and financial professionals with timely analysis of the UK’s economic performance and its implications for the accountancy sector. Accountancy Today reports on quarterly and monthly GDP figures, including the 0.7% growth in Q1 2025—the strongest in a year—driven by increased household spending and manufacturing output. We also examine subsequent contractions, such as the 0.3% decline in April, and explore forecasts from the Office for Budget Responsibility and independent analysts, who anticipate growth between 1% and 1.3% for 2025. Our insights help partners, directors, and advisors understand how GDP trends influence client advisory, tax planning, and strategic decision-making within accountancy firms.
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May- 2025 -15 MayEconomy
UK economy grows by more than expected 0.7% in Q1
The UK economy performed better than expected in the first quarter of the year, with GDP growing by 0.7% between January and March, following a 0.1% rise the prior quarter.This was ahead of analysts’ expectations, who had forecast a growth of 0.6% for the period. According to the Office for…
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Mar- 2025 -26 MarchEconomy
Chancellor resists calls for business relief in Spring Statement
Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…
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20 MarchEconomy
BoE holds interest rates at 4.5%
The Bank of England (BoE) has voted to hold interest rates at 4.5%, having cut the rate last month to its lowest level since June 2023.At its meeting ending on 19 March, the bank’s monetary policy committee (MPC) voted by a majority of 8–1 to maintain the rate at 4.5%,…
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14 MarchEconomy
UK GDP unexpectedly falls 0.1% in Jan
The UK economy shrank unexpectedly by 0.1% in January as production in the manufacturing sector struggled, according to the latest figures from the Office for National Statistics (ONS). The fall comes after growth of 0.4% in December 2024 and growth of 0.1% in November 2024. Production output decreased by 0.9%…
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6 MarchNews-In-Brief
Today’s news in brief – 6/3/2025
EY has revised Scotland’s growth forecast to a GVA of 0.9% for 2025, citing low productivity and labour market inactivity. Despite outperforming the UK in 2024, EY’s ITEM Club Scotland report attributes the slowdown to cautious household spending amid economic uncertainty. While GDP data initially suggested a strong outlook, growth…
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6 MarchBig Four
EY downgrades Scotland’s growth forecast amid low productivity
EY has downgraded Scotland’s growth forecast to a GVA of 0.9% for 2025 due to low productivity and high labour market inactivity causing a slowdown in output from consumer-facing sectors in the fourth quarter. While Scotland outperformed the UK in 2024, according to EY’s latest ITEM Club Scotland report, the…
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Feb- 2025 -14 FebruaryCorporate Finance
90% of firms expect negative impact from tax rises, Armstrong Watson finds
Almost two-thirds of businesses are pessimistic about the overall economic outlook for 2025 and nearly 90% expect the changes announced in the 2024 Autumn Budget to impact their business adversely, according to Armstrong Watson’s latest survey. Despite positive news this week that the economy grew in the final quarter of…
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13 FebruaryEconomy
Economy unexpectedly grows by 0.1% in Q4
Britain’s economy unexpectedly grew in the final quarter of 2024, according to new figures from the Office for National Statistics, easing pressure on chancellor Rachel Reeves.Gross domestic product (GDP) rose by 0.1% in the fourth quarter of 2024, after zero growth the previous quarter, beating forecasts of economists and the…
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6 FebruaryEconomy
BoE cuts interest rates to 4.5%
The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”.At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the rate…
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3 FebruaryNews-In-Brief
Today’s news in brief – 3/2/2025
PKF Global has announced numerous senior promotions across its network, spanning Europe, North America, and Eastern Africa. In Ireland, PKF Brenson Lawlor elevated Bryan Casey-Whitmore to director in audit and advisory. Promotions across Europe include new partners in Belgium, Albania, Norway, Germany, and Spain. PKF O’Connor Davies in North America…
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