Britain is out of recession after official figures showed the economy ‘going gangbusters’ in the first quarter of the year.
The GDP rebounded from its decline at the end of 2023 and increased by 0.6% in the first three months of 2024, quicker than anticipated.
A recession is defined as two consecutive quarters of contraction.
Importantly Brits were also getting better off over the latest period, with GDP per head up 0.4 per cent—after a dismal seven quarters without improvement.
The confirmation is a boost for Rishi Sunak and Chancellor Jeremy Hunt as they desperately try to prove to voters that their plan is working.
The PM insisted ‘the economy has turned a corner’. ‘We know things are still tough for many people, but the plan is working, and we must stick to it,’ he said.
Mr Hunt said it was ‘proof that the economy is returning to full health for the first time since the pandemic’.
It was better than the 0.4% that the majority of analysts had predicted, which might cause the Bank of England to pause as it contemplates lowering interest rates as soon as next month.
A ‘hotter’ economy could be seen as adding to inflationary pressures.
The GDP expanded by a strong 0.4% in March, according to estimates, with growth in February revised up from 0.1% to 0.1%. There was a 0.3% growth in January.
Crucially, following an alarming seven quarters without growth, real GDP per capita is anticipated to have risen by 0.4% in the first three months of this year.
It is still 0.7% less than it was in the same quarter last year, though.
The majority of the economic growth in the UK during that time has been attributed to immigration increasing the country’s population.
ONS chief economist Grant Fitzner said: ‘To paraphrase the former Australian Prime Minister Paul Keating, you could say the economy is going gangbusters.’
Mr 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.’
Mr Hunt also gave a stern message to Tory MPs considering a move against Mr Sunak after dire local elections.
Meanwhile, people are being fleeced by utilities, insurance, banking and supermarkets which are all reporting bumper profits. Manufactured cost of living by big corporations for another bumper payday, and we should add rail companies to that list as well. Then they’re expecting people to eat Tripe, but just because it’s all dressed up, it really doesn’t taste like beef.
You folks out there, just because we are slightly out of a recession, according to Rishi Sunak, don’t think that the cost of living will go down, it won’t, it will just stay the same. It’s only when things start to lower that people might agree that things are getting better, but as things stand, they’re not!
Prices have never dropped and never will regardless of who’s running the country, it’s all a smoke screen. They promise you this, they promise you that, but it never happens, it’s all lies, and they will continue to blow smoke up your posterior!
Things will get progressively worse if Sir Keir Starmer (Mr U-turn) gets into No 10. It will get worse very quickly.
Whilst Rishi Sunak lacks charisma, at least he’s financially competent, while Sir Keir Starmer is not liked, not competent and not trustworthy, but then none of them are trustworthy, and we should not believe a word that they say.
And the fact that voters might let Sir Keir Starmer into power is very sad indeed, and those who believe that we would be better under Labour are the ones who will fare the worst when the UK runs out of money, but then I wouldn’t vote Conservative either.
We should do what Iceland did and protest the calling for the resignation of government officials and for new elections to be held.
What should happen is that people need to start a nationwide protest and the citizens of the UK should lobby, because England’s citizens should be involved in creating a new constitution.
THE MONTHLY MOSQUITO 