But with Donald Trump heading for the White House and a new(ish) Labour government in charge of a faltering UK economy, the onset of 2025 seems especially portentous.
Forecasting is a mug's game, as the former Bank of England governor Mervyn King used to say about predicting exchange rates; but here are some of the big economic questions to ponder as the new year gets under way:
Will Labour get the stronger economy it promised voters?
Far from signalling recovery, the latest data showed UK GDP flatlining with confidence weak as businesses brace themselves for April's £25bn increase in employer national insurance contributions (NICs). Given that Labour had ruled out every other big revenue-raiser, it was one of the few places Rachel Reeves could turn to to fund public services. But it has fuelled a furious response – and set up a narrative that Labour has clobbered the economy.
This story is from the January 06, 2025 edition of The Guardian.
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This story is from the January 06, 2025 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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