GDP grows in the first quarter of 2025: Positive Money response

Hannah Dewhirst, Head of Campaigns at Positive Money, said:

“It would be premature to celebrate today’s figures as a great success when economists are predicting a difficult year for the economy due to Trump’s trade wars.

“So for the Chancellor to be passing policies that actively take money out of the economy - such as welfare cuts - and piling on even more risk in the economy by deregulating the financial sector, is incredibly short-sighted.

“Rather than changing direction everytime we get a new (often unreliable) economic forecast, we need the government to make choices that will deliver prosperity for the public in the long-term, such as taxing wealth, strengthening the National Wealth Fund, and amending its fiscal rules.”

Notes:

• The ONS’ full estimates can be found here: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/januarytomarch2025 

About Positive Money:

Positive Money is an international research and campaign organisation working to redesign our economic system for social justice and a liveable planet. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of supporters. Find out more: www.positivemoney.org