The UK economic system is on the point of stagnation as households hoard money on the highest degree on file outdoors of the pandemic.
Nationwide GDP rose by simply 0.1pc throughout the final three months of 2024, after flatlining at 0pc between July and September, in accordance with the most recent figures from the Workplace for Nationwide Statistics (ONS).
Households appear to be refusing to spend as uncertainty over the financial outlook mounts.
The family financial savings ratio jumped from 10.3pc to 12pc within the final three months of the yr, the very best charge excluding the pandemic since 2010, through the aftermath of the monetary disaster.
Non-pension financial savings hit their highest degree on file outdoors of the Covid interval.
ONS chief economist Grant Fitzner stated the economic system “continues to indicate little development since final summer season”.
GDP on a per particular person foundation, a key measure of residing requirements, was in a technical recession, after falling for 2 consecutive quarters.