UK economy GROWS in shock findings as World Cup gives Britain a boost

Britain's economy unexpectedly grew by 0.1 per cent in November, in a boost helped by the Qatar World Cup.

Figures from the Office of National Statistics show the hospitality industry helped contribute to the growth as millions went to pubs and restaurants to watch the football tournament.

Analysts had predicted the economy would shrink by 0.3 per cent for November.

However, despite the positive month, in the three months leading to November, the economy shrank by 0.3 per cent.

ONS director of economic statistics Darren Morgan said: "The economy grew a little in November, with increases in telecommunications and computer programming helping to push the economy forward.

"Pubs and bars also did well as people went out to watch World Cup games.

"This was partially offset by further falls in some manufacturing industries, including the often-erratic pharmaceutical industry, as well as falls in transport and postal, partially due to the impact of strikes.

Jeremy Hunt said the Government had a plan to boost the economy
Aaron Chown

"Over the last three months, however, the economy still shrank - mainly due to the impact of the extra bank holiday for the funeral of Her Majesty Queen Elizabeth in September."

Responding to the figures, Chancellor Jeremy Hunt said the Government was putting in place its plan to help put the UK economy on stable footing for the long run.

He said: "We have a clear plan to halve inflation this year - an insidious hidden tax which has led to hikes in interest rates and mortgage costs, holding back growth here and around the world.

"To support families through this tough patch, we will provide an average of £3,500 support for every household over this year and next - but the most important help we can give is to stick to the plan to halve inflation this year so we get the economy growing again."

The IMF predicts a third of the world economy will be in recession this year.

Critics say Liz Truss's so-called "mini-budget" last year means the UK will be in recession for longer than some other countries around the world.

However, in an exclusive interview with GB News yesterday, former business secretary Jacob Rees-Mogg lay the blame at the fee of the Bank of England, accusing it of having "let the country down".

Jacob Rees-Mogg accused the Bank of England of having "let down" the country
GB NEWS

He said: "The independent Bank of England has one task, to keep inflation at 2 per cent. It has manifestly failed at that task.

"That is not the government, that is the independent Bank of England.

"As a minister, we all had to pretend the Bank of England was doing marvellously well. It wasn't it. It's an institution that has let the country down.

"But because the government was covering up for the Bank of England, it took all the blame for difficulties in the financial markets, which was partly the government's fault, but not entirely."

Britain is currently suffering from high inflation, with the annual rate of consumer price inflation sitting at 10.7 per cent in November.

The figure is a last drop from the rate of 11.1 per cent in October, which was the highest level of inflation in the UK for 41-years.