Country exits shallow recession in boost for prime miniser Rishi Sunak
Britain bounced back strongly from a shallow recession, providing some relief for prime minister Rishi Sunak who has so far struggled to deliver on his promise to grow the economy.
“The worst is behind the UK economy,” said Yael Selfin, chief economist at KPMG UK. “Forward looking indicators point to further momentum in the coming months, consistent with our view that.” “All the signals since the start of this year certainly suggest things are finally starting to perk up,” Liz Martins, senior economist at HSBC, said on Bloomberg Radio. “The worry would be that if those rate cuts aren’t delivered, then the basis for this recovery is weakened, and maybe it takes out some of the momentum.”
“For families who have been having a really tough time, this is an indication that difficult decisions we’ve taken over recent years are finally beginning to pay off, and we need to stick with them,” Hunt said on Sky News. “With falling inflation boosting households’ spending power, as well as opening the way for a reduction in interest rates in the months ahead, the economy should be able to sustain some momentum through the year,” said Ben Jones, lead economist for CBI, Britain’s biggest business lobby group.
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