Huge boost for families ahead of the election as UK economy is revealed to be ... trends now
The UK economy is 'going gangbusters' after growing at the fastest rate in two years in a major boost for families ahead of the general election.
After the 'shortest and shallowest' recession on record, official figures beat forecasts to show GDP rose by 0.6 per cent in the first quarter of the year – the fastest rate of growth since late 2021.
Britain's economy outpaced France, Germany and the United States in the first three months of the year, Office for National Statistics (ONS) figures show.
The UK is the third-best performing country in the G7 since the 2016 Brexit referendum, falling behind only the US and Canada and beating European rivals Germany, Italy and France.
ONS Chief Economist Grant Fitzner said: 'To paraphrase former Australian prime minister Paul Keating, you could say the economy is going gangbusters.'
The Bank of England is tipped to cut interest rates next month as the UK economy improves
Andrew Bailey, Governor of the Bank of England. According to official figures the UK is the third-best performing country in the G7 since the 2016 Brexit referendum
Official figures beat forecasts to show GDP rose by 0.6 per cent in the first quarter of the year – the fastest rate of growth since late 2021
Rishi Sunak said the 'plan is working' and the economy had 'turned a corner' amid a wave of upbeat news.
The Bank of England is tipped to cut interest rates next month, which would reduce mortgage costs. Inflation has fallen from a peak of 11 per cent to nearly reach the target of 2 per cent, taking the pressure off household finances.
The FTSE 100 – the index of the biggest UK-listed companies – has been on a record-breaking run in recent weeks and hit another all-time high yesterday.
Last year ONS figures showed that the UK slipped
