Kevin Brown, savings expert at Scottish Friendly, comments on this morning's GDP figures from the ONS

After months of disappointment, November’s GDP figures offer a much needed and unexpected confidence boost. Given the headwinds facing businesses – from higher payroll taxes to growing geopolitical uncertainty – this recent data suggests that firms are starting to find their feet. Encouragingly, more up-to-date PMI data points to that momentum carrying into the end of the year, with manufacturing showing signs of a December rebound.
That said, it’s important not to get carried away. While oil is well below where it was a year ago, the price has spiked in recent days following the unrest in Iran, one of the world’s largest oil producers. If the price continues to rise, it would lead to higher energy prices, which would hit manufacturers and derail their recent recover. This is something the Bank of England will be keeping a close eye on. 
As things stand, we still expect an interest rate cut by March, with another in the second half of the year, though global events could yet change the picture. In the meantime, savers shouldn’t sit still. If rate cuts are coming, the best deals won’t be around for long. And for those with a longer-term horizon, investing could still provide the potential to provide an effective way to try to stay ahead of inflation, which is still running significantly above the Bank of England’s 2% target.