The UK economy grew unexpectedly at the end of last year. That’s what new figures from the National Office of Statistics show. The growth in the last quarter of 2024 was just 0.1% – following a dry period in the three months before that.
Cardiff market was bustling today as the news of the surprising bump in the UK economy broke. Today’s growth is better than the Bank of England expected, but the Chancellor Rachel Reeves says she’s still not satisfied with the level of growth – and stall holders in Cardiff say they are still struggling.
Chancellor Reeves in the official statement said she is “going further and faster to kick start the economy.”
However, Andrew Bloom, a meat deli sales assistant in Cardiff Market said, “We certainly have seen a decline in their customers because of the rising cost. The cost of all our products have gone up and people don’t have the money to buy the stuff.”
Similarly, Ann Maria Cameron, Jewellery Manager said, “This does reflect badly on the economy at the moment. And it reflects that times are hard for our customers. They are searching their drawers and little old boxes for everything they have to bring their items to sell us”
But some businesses are always in demand. John Davies sells gluten free food in Cardiff Market and says the economy doesn’t affect his company. “We’ve got fairly elastic demand,” he says.
News of the surprising economic growth follows the interest rate cut to its lowest rate for 18 months. But with tax rises coming into effect in April, there are still concerns about economic growth.
Things may be on the up, but they aren’t looking great…. yet.