The UK economy is officially out of recession, according to the latest figures from the Office for National Statistics (ONS).
Gross domestic product (GDP) grew by 0.6 per cent between January and March after the country fell into recession in the later half of last year.
This comes after two consecutive quarters of negative economic growth which represents a “technical recession”.
However, it appears Britain’s economy has turned a corner with the Government hailing it as the “best outlook among European G7 countries.
In response to the figures, Chancellor Jeremy Hunt said: “There is no doubt it has been a difficult few years, but today’s growth figures are 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.”
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The UK economy grew last quarter
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However, Labour’s Shadow Chancellor Rachel Reeves hit back at Hunt’s assertion that the economy is on the up.
She added: “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.”
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