Britain exits recession with fastest economic growth in nearly three years

Britain’s economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election.

“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,” Hunt 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,” said Rachel Reeves, who hopes to succeed Hunt as finance minister after an election expected later this year.

At the end of the first quarter of 2024, the country’s economy was just 1.7 per cent bigger than its level in late 2019, before the pandemic, with only Germany in the G7 faring worse. Friday’s data also showed that GDP in March was 0.7 per cent higher than a year earlier, above expectations of a 0.3 per cent rise.

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