Chancellor Rachel Reeves is today pressing regulators to do more to boost UK growth in the face of disappointing GDP figures.

The Chancellor is facing growing pressure to do more to spur business growth in the face of recent anaemic GDP figures.

She will talk to regulators today to find out “what more” they can do to stimulate growth.

Today the ONS reported that UK monthly GDP was estimated to have risen by only 0.1% in November. Most of the growth was in the services sector.

Labour wants the FCA and other regulators to do more to boost growth in their sectors by launching new initiatives and reducing barriers to expansion. The FCA is already on record as saying it is doing more to boost growth through schemes such as its regulatory sandbox for new ventures, competitions for growth ideas and simplifying its rulebook.

Chancellor of the Exchequer Rachel Reeves said in a statement today commenting on the GDP figures: “I am determined to go further and faster to kickstart economic growth, which is the number one priority in our Plan for Change.

“That means generating investment, driving reform and a relentless commitment to root out waste in public spending, and today I will be pressing regulators on what more they can do to deliver growth.

“After fourteen years of economic stagnation, this Government’s number one mission is to grow our economy. I will fight every day to deliver that growth and put more money into working people’s pockets.”  

Recent GDP figures have been disappointing in the face of a Budget in October that hit confidence in the business sector due to significant rises in Employers’ National Insurance and the minimum wage.

Latest ONS figures show that monthly real gross domestic product (GDP) is estimated to have grown by only 0.1% in November largely because of a growth in services, following an unrevised fall of 0.1% in October 2024.

Real GDP is estimated to have shown no growth in the three months to November 2024, compared with the three months to August 2024.

Production output fell by 0.4% in November 2024, following an unrevised fall of 0.6% in October 2024 and production fell by 0.7% in the three months to November 2024, driven by a decline in manufacturing.

Construction output grew by 0.4% in November 2024, following a fall of 0.3% in October. Construction also grew by 0.2% in the three months to November 2024.