Britain’s economy returned to growth at the start of 2024, offering some relief to Prime Minister Rishi Sunak ahead of an election expected this year, after it entered a shallow recession in the second half of 2023, official data showed.
“The economy picked up in January with strong growth in retail and wholesaling. Construction also performed well with housebuilders having a good month, having been subdued for much of the last year,” Liz McKeown, statistician at the Office for National Statistics, said. Britain’s economy has been very sluggish since its initial recovery from the COVID-19 pandemic, beset by a surge in the cost of energy imports from Russia’s invasion of Ukraine and, more recently, by high Bank of England interest rates.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: