UK no longer in recession, official figures show | Business News

After months of economic uncertainty and financial strain, the United Kingdom has finally emerged from the grips of recession. According to official figures released by the Office for National Statistics, the UK economy grew by 1.3% in the last quarter, marking the end of a deep and prolonged recession that has plagued the country since the beginning of the COVID-19 pandemic.

This news comes as a welcome relief to businesses and consumers alike, who have been grappling with the economic fallout of the pandemic for over a year. The UK economy had been in recession since the second quarter of 2020, with GDP shrinking by a staggering 9.8% in 2020, the largest annual fall on record.

The latest figures show that the UK economy is now on the road to recovery, with growth in key sectors such as manufacturing, construction, and services. This growth can be attributed to the successful rollout of the COVID-19 vaccine, which has allowed businesses to reopen and consumers to resume spending.

Chancellor Rishi Sunak hailed the news as a sign of the UK’s resilience and strength in the face of adversity. He emphasized the government’s commitment to supporting businesses and protecting jobs through a range of measures, including the furlough scheme and business grants.

While the UK may be out of recession, there are still challenges ahead. The country continues to grapple with the fallout of Brexit, as well as the ongoing impact of the pandemic on businesses and consumers. Inflation is on the rise, and there are concerns about the sustainability of the recovery in the long term.

However, for now, the news that the UK is no longer in recession is cause for celebration. Businesses can breathe a sigh of relief, knowing that the worst may be behind them, and consumers can look forward to brighter days ahead. As the economy continues to recover, the hope is that the UK will emerge stronger and more resilient than ever before.