Britain, economic growth exceeds expectations - The pound experienced a slight increase in value against the dollar
Britain's economy grew more strongly than expected in November, boosted by Jaguar Land Rover's return to full production after a cyberattack hit the carmaker. GDP expanded by 0.3% in the month - the fastest growth since June - after a 0.1% decline in October, official data showed on Thursday. Economists said the figures marked a turnaround from the annual budget statement by Chancellor of the Exchequer Rachel Reeves on November 26.
The pound appreciated slightly against the US dollar and short-term government bonds rose. Less than half of November's growth came from a 1.1% rise in industrial production, which in turn was driven by a 25.5% increase in car production - the biggest since July 2020.
The Office for National Statistics said all firms had expected the budget result in November to be the same as it was in October, including the construction sector where output fell sharply for the second month in a row.
The International Monetary Fund has predicted that the UK economy will grow by 1.3% in 2026, the same as last year.
Although this would be the third fastest among Group of Seven countries after the United States and Canada, it would be less than half its typical pace in the roughly 15 years before the global financial crisis of 2007-2009.
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