After enduring a challenging period marked by economic downturn, the United Kingdom has emerged from recession. According to the official data cited by UK media outlets, the country’s economy saw a growth of 0.6 per cent between January and March. Reacting to this, Chancellor Jeremy Hunt said that the data is a “proof that the economy is returning to full health for the first time since the pandemic”.

“We’re growing this year and have the best outlook among European G7 countries over the next six years, with wages growing faster than inflation, energy prices falling and tax cuts worth £900 to the average worker hitting bank accounts,” Hunt added. 

According to data from the Office for National Statistics, the UK’s economy experienced its most robust growth with an uptick from the previous quarter’s contraction of 0.3 percent in GDP. This positive momentum is seen as a timely boost for Prime Minister Rishi Sunak as he prepares for an election expected to be held in January next year. Sunak took to social media to express his optimism. 

He wrote, “The economy has turned a corner. Today’s news proves that. We know things are still tough for many people, but the plan is working, and we must stick to it.” Following the release of the data, the value of the British pound strengthened against the US dollar. 

This growth was primarily driven by the services sector, encompassing industries such as hospitality and entertainment. In addition to this, the Office for National Statistics reported growth in the production sector as well. However, there was a contraction in the construction industry during the same period.

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”.

(With inputs from agencies)