THE UK economy is “going gangbusters” after coming out of recession with the fastest growth in two years, experts said last night.
Rishi Sunak claimed vindication after GDP grew 0.6 per cent in the first three months of 2024, in defiance of gloomier predictions.
It meant the UK outperformed France, Germany and the US to swing out of a brief and shallow recession.
Grant Fitzner, of the Office for National Statistics, said: “You could say the economy is going gangbusters.”
It marked the strongest quarterly growth since late 2021, in the post-pandemic recovery.
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It has been largely driven by robust services output and a manufacturing bounceback.
The PM hailed the stats as proof his plan to grow the economy while taming inflation was working.
Chancellor Jeremy Hunt also pointed out how the Bank of England credited his £900 average National Insurance tax cut for spurring growth.
But Labour accused the Tories of doing a “victory lap” despite millions still struggling.
Shadow Chancellor Rachel Reeves said: “The economy is still £300 smaller per person than when Rishi Sunak became Prime Minister.”
And the Institute for Economic Affairs said 0.6 per cent growth was “little to get excited about”.
In a further boost, London’s FTSE 100 index hit a record high yesterday, at 8,433.76 points.