Home Breaking News UK is no longer in a recession as the economy ‘has turned a corner’

UK is no longer in a recession as the economy ‘has turned a corner’

10th May 24 10:03 am

The UK economy is now no longer in a recession as between January and March gross domestic product (GDP) grew 0.6% which was more than expected.

The Office for National Statistics (ONS) made the announcement on Friday and economists had estimated that GDP would be 0.4%.

The Prime Minister said the economy has “turned a corner.” Rishi Sunak added, “We know things are still tough for many people, but the plan is working, and we must stick to it.”

The Chancellor said this is “encouraging,” he added that this shows the economy is “returning to full health.”

Jeremy Hunt told Sky News, “I think that for families who’ve been having a really tough time, this is an indication that difficult decisions that we’ve taken over recent years are beginning to pay off and we need to stick with them.

We’re seeing that inflation is falling faster and I think people recognise it’s been a very, very challenging period, but they don’t vote for Conservative governments for us to do popular things.

“They trust us to do the right thing for the long-term benefit of the economy and that is what we’ve been doing.”

Labour’s shadow chancellor Rachel Reeves said, “This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good.

The economy is still £300 smaller per person than when Rishi Sunak became Prime Minister.”

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]