The UK economy grew by 0.2 percent in March 2025 after reporting 0.5 percent growth in February. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around four percent larger than it was before the COVID-19 pandemic. After the initial recovery from the pandemic, however, the UK economy has effectively flatlined, fluctuating between low growth and small contractions since January 2022. Labour banking on growth to turn around fortunes in 2025 In February 2025, just over half a year after winning the last general election, the approval rating for the new Labour government fell to a low of -48 percent. Furthermore, the Prime Minister, Keir Starmer was not only less popular than the new Conservative leader, Kemi Badenoch, but also the leader of the Reform Party, Nigel Farage, whose party have surged in opinion polls recently. This remarkable decline in popularity for the new government is, in some part, due to a deliberate policy of making tough decisions early. Arguably, the most damaging of these policies was the withdrawal of the winter fuel allowance for some pensioners, although other factors such as a controversy about gifts and donations also hurt the government. While Labour aims to restore the UK's economic and political credibility in the long term, they will certainly hope for some good economic news sooner rather than later. Economy bounces back in 2024 after ending 2023 in recession Due to two consecutive quarters of negative economic growth, in late 2023 the UK economy ended the year in recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1 percent in the third quarter, and then by 0.3 percent in the last quarter. For the whole of 2023, the economy grew by 0.4 percent compared to 2022, and for 2024 is forecast to have grown by 1.1 percent. During the first two quarters of 2024, UK GDP grew by 0.7 percent, and 0.4 percent, with this relatively strong growth followed by zero percent growth in the third quarter of the year. Although the economy had started to grow again by the time of the 2024 general election, this was not enough to save the Conservative government at the time. Despite usually seen as the best party for handling the economy, the Conservative's economic competency was behind that of Labour on the eve of the 2024 election.
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Supplementary information files for the article Emerging stock market volatility and economic fundamentals: the importance of US uncertainty spillovers, financial and health crises
Abstract: This paper studies the US and global economic fundamentals that exacerbate emerging stock markets volatility and can be considered as systemic risk factors increasing financial stability vulnerabilities. We apply the bivariate HEAVY system of daily and intra-daily volatility equations enriched with powers, leverage, and macro-effects that improve its forecasting accuracy significantly. Our macro-augmented asymmetric power HEAVY model estimates the inflammatory effect of US uncertainty and infectious disease news impact on equities alongside global credit and commodity factors on emerging stock index realized volatility. Our study further demonstrates the power of the economic uncertainty channel, showing that higher US policy uncertainty levels increase the leverage effects and the impact from the common macro-financial proxies on emerging markets’ financial volatility. Lastly, we provide evidence on the crucial role of both financial and health crisis events (the 2008 global financial turmoil and the recent Covid-19 pandemic) in raising markets’ turbulence and amplifying the volatility macro-drivers impact, as well.
Official statistics are produced impartially and free from political influence.
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The benchmark interest rate in the United Kingdom was last recorded at 4.25 percent. This dataset provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.
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Explore The politics and economics of appeasement : British foreign policy in the 1930s through data • Key facts: author, publication date, book publisher, book series, book subjects • Real-time news, visualizations and datasets
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
Explore Capitalism in the UK : a perspective from Marxist political economy through data • Key facts: author, publication date, book publisher, book series, book subjects • Real-time news, visualizations and datasets
In May 2025, the net favorability rating for the current British Prime Minister, Keir Starmer, was -46 percent, compared with -39 percent for Conservative leader Kemi Badenoch. Starmer's popularity has fallen considerably since taking office in July 2024, and as of this month, was noticeably less popular than the Reform Party leader, Nigel Farage, and Liberal Democrat leader, Ed Davey.
Labour win the 2024 general election
Towards the end of May 2024, Rishi Sunak announced that the next UK general election will happen on July 4, 2024. In this election, the Labour Party won a huge overall majority, the first time the party has won a general election since 2005. The Conservative's by contrast, are heading for a spell in opposition, after emerging as the largest party in the last previous four UK elections. In the run-up to the election, polls put them far behind Labour for several months, while the populist right-wing party, Reform UK, grew in popularity at the Conservative's expense.
Glimmers of economic recovery not enough to save Sunak
After coming to power in late 2022, Sunak's time in office coincided with a tough economic environment. The Cost of Living Crisis, driven by high inflation, pushed many UK households to the brink, while the overall economy, struggled to grow at a consistent pace. Just before he called the election, however, there was some positive economic news. GDP growth in the first quarter of 2024 was 0.6 percent, the fastest the economy had grown since the end of 2021. CPI inflation, meanwhile, was 2.3 percent in May 2024, the lowest rate in three years. Although it was ultimately not enough to save Sunak, re-establishing themselves as the best party for handling the economy would give the Conservative's a much better chance at future general elections.
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License information was derived automatically
Berry Bros & Rudd announces job cuts in response to tough economic conditions and fiscal policy changes, impacting luxury wine merchants.
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Explore Financial Services Authority (Great Britain)-Rules and practice through data • Key facts: number of authors, number of books, books, authors, publication dates, book publishers • Real-time news, visualizations and datasets
Official statistics are produced impartially and free from political influence.
Official statistics are produced impartially and free from political influence.
GVA of reported DCMS Sectors (excluding Tourism) in March 2023 was 7% above February 2020 levels, which was the most recent month prior to pandemic measures being introduced in the UK. By comparison, GVA for the whole UK economy was 0.1% higher than in February 2020.
GVA by the Digital Sector in March 2023 was 12% above February 2020 levels, which was the most recent month prior to pandemic measures being introduced in the UK. By comparison, GVA for the whole UK economy was 0.1% higher than in February 2020.
17 May 2023
The DCMS Sector total reported here includes Civil Society, Creative Industries, Cultural Sector, Gambling and Sport. Tourism is not included as the data is not yet available (see note in data table). Figures for the Digital Sector and Telecoms are presented separately as responsibility for these policy areas now sits with the Department for Science, Innovation and Technology.
These Economic Estimates are Official Statistics used to provide an estimate of the economic contribution of DCMS Sectors, and of the Digital Sector, in terms of gross value added (GVA), for the period January 2019 to March 2023. This current release contains new figures for January to March 2023.
Estimates are in chained volume measures (i.e. have been adjusted for inflation), at 2019 prices, and are seasonally adjusted. These latest monthly estimates should only be used to illustrate general trends, not used as definitive figures.
You can use these estimates to:
You should not use these estimates to:
The findings are calculated based on published ONS data sources including the Index of Services and Index of Production.
These data sources provide an estimate of the monthly change in GVA for all UK industries. However, the data is only available for broader industry groups, whereas DCMS sectors, and the Digital Sector, are respectively defined at a more detailed industrial level. For example, GVA for ‘Cultural education’ (a sub-sector of the Cultural Sector within the DCMS Sectors) is estimated based on the trend for all education. Sectors such as ‘Cultural education’ may have been affected differently by COVID-19 compared to education in general. These estimates are also based on the composition of the economy in 2019. Overall, this means the accuracy of monthly GVA for DCMS sectors is likely to be lower for months in 2020 and 2021.
The technical guidance contains further information about data sources, methodology, and the validation and accuracy of these estimates. The latest version of this guidance was published in November 2022. The only significant change since then is that figures for the Digital Sector and Telecoms are now presented separately as responsibility for these policy areas now sits with the Department for Science, Innovation and Technology.
These statistics cover the contributions of the following sectors to the UK economy.
Users should note that there is overlap between DCMS sector definitions and that several Cultural Sector industries are simultaneously Creative Industries.
Timely estimates of Tourism GVA are not available at present, due to a lack of suitable data.
Users should note that there is overlap between these two sectors’ definitions. Specifically: the Telecoms sector sits wholly within the Digital Sector.
We aim to continuously improve the quality of estimates and better meet user needs. We welcome feedback on this release. Feedback should be sent via email to <a href="mailto:
This page lists ad-hoc statistics released during the period January - March. These are additional analyses not included in any of the Department for Culture, Media and Sport’s standard publications.
Responsibility for policy areas including Digital and Tech Policy, Cyber Security, Data, and Digital Infrastructure now (since February 2023) sit with the Department for Science, Innovation and Technology. However, additional analyses for these sectors are also currently included here.
If you would like any further information please contact evidence@dcms.gov.uk
This is an ad-hoc release that provides an estimate of total employment (number of filled jobs) in the DCMS Sectors for each calendar year from 2011 to 2021. The estimates provide the overall level of employment, and breakdowns by the following characteristics:
These employment statistics were produced to meet user demand for total DCMS Sector estimates without the Digital Sector and Telecoms included, as responsibility for these policy areas now sit with the Department for Science, Innovation and Technology (DSIT).
The DCMS Sector total reported here includes Civil Society, Creative industries, Cultural sector, Sport and - where applicable - Tourism. Due to this specification, users should not attempt to make comparisons to previously published DCMS totals.
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<p class="gem-c-attachment_metadata">
This file is in an <a href="https://www.gov.uk/guidance/using-open-document-formats-odf-in-your-organisation" target="_self" class="govuk-link">OpenDocument</a> format
This is an ad-hoc release that provides figures among micro and small businesses in the North West of England, using the Cyber Security Breaches Survey 2022 (CSBS 2022). This is an abridged set of specific findings from the CSBS 2022, a telephone-based quantitative and qualitative study of UK businesses, charities and educational institutions to find out how they approach cyber security and gain insight into the cyber security issues they face.
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The UK economy grew by 0.2 percent in March 2025 after reporting 0.5 percent growth in February. Since a huge decline in GDP in April 2020, the UK economy has gradually recovered and is now around four percent larger than it was before the COVID-19 pandemic. After the initial recovery from the pandemic, however, the UK economy has effectively flatlined, fluctuating between low growth and small contractions since January 2022. Labour banking on growth to turn around fortunes in 2025 In February 2025, just over half a year after winning the last general election, the approval rating for the new Labour government fell to a low of -48 percent. Furthermore, the Prime Minister, Keir Starmer was not only less popular than the new Conservative leader, Kemi Badenoch, but also the leader of the Reform Party, Nigel Farage, whose party have surged in opinion polls recently. This remarkable decline in popularity for the new government is, in some part, due to a deliberate policy of making tough decisions early. Arguably, the most damaging of these policies was the withdrawal of the winter fuel allowance for some pensioners, although other factors such as a controversy about gifts and donations also hurt the government. While Labour aims to restore the UK's economic and political credibility in the long term, they will certainly hope for some good economic news sooner rather than later. Economy bounces back in 2024 after ending 2023 in recession Due to two consecutive quarters of negative economic growth, in late 2023 the UK economy ended the year in recession. After not growing at all in the second quarter of 2023, UK GDP fell by 0.1 percent in the third quarter, and then by 0.3 percent in the last quarter. For the whole of 2023, the economy grew by 0.4 percent compared to 2022, and for 2024 is forecast to have grown by 1.1 percent. During the first two quarters of 2024, UK GDP grew by 0.7 percent, and 0.4 percent, with this relatively strong growth followed by zero percent growth in the third quarter of the year. Although the economy had started to grow again by the time of the 2024 general election, this was not enough to save the Conservative government at the time. Despite usually seen as the best party for handling the economy, the Conservative's economic competency was behind that of Labour on the eve of the 2024 election.