2024 UK Economic Growth Fastest in G7

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The Latitude Take on British Economic Development

Latitude Director – Client Relations Anna-Lisa Major is our United Kingdom Residency by Investment specialist. She appreciates the heritage of the British economy and how it ties in with the latest UK economic growth figures.

“With such a vibrant economic history,” Major says, “the UK continues to support innovative entrepreneurs who want to move to the UK to develop their business ideas.”

UK Economic Growth in 2024

In the second quarter of the year, the British economy saw GDP increasing by 0.6%. This bolsters new Chancellor Rachel Reeves’ position as the bright beginning of 2024 continues. Inflation has fallen, causing a rise in consumer spending and the first interest rate dip in 4 years.

UK economic growth is recorded at 1.3% in the first six months of the year. This is faster than the US and is the quickest growth among G7 countries. Rachel Reeves plans to ensure this is sustained.

Fans cheering on their national sides at bars and restaurants during Euro 2024 and a visit by Taylor Swift, on the latest leg of her ERAS tour, boosted the services sector. By contrast, the 20 eurozone members saw their economies grow by an average 0.3% in the second quarter. Germany’s shrunk by 0.1% in the same period. Between April and June, the US economy saw a 0.7% increase.

How to Benefit from UK’s Stronger Economy

If you want to be based in a more stable economy, Residency by Investment is an excellent route. The UK Innovator Founder Visa is a £200,000 minimum investment that can lead to citizenship within 5 years. With a British passport in hand, you and your family can travel to 177 visa-free destinations.

Start Your Journey to a UK Passport in 2024

Reading this article might well have piqued your interest in investing in UK residency. Your next step should be to talk to a Residency by Investment expert such as Latitude Group to get a clearer overview of the application process. So, don’t delay and contact us today.