The UK economy expanded by 0.6% in the second quarter of 2024, slightly down from the 0.7% growth in Q1, aligning with analysts' forecasts. Despite this slight slowdown, the figures provided some positive news for the new Labour government. However, challenges like low productivity growth, strained public finances, and inadequate infrastructure continue to hinder sustained growth. Chancellor Rachel Reeves acknowledged these challenges, emphasizing the need for boosting long-term growth. The Bank of England has revised its annual growth forecast upward to 1.25% but expects slower growth in the latter half of the year due to high interest rates and supply constraints.