Weekly Digest- 15 May 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK economy emerges from technical recession

The UK economy has returned to growth and bounced back from the “technical recession” it entered at the end of 2023, according to new figures.

Small business confidence leaps higher as end to UK recession gathers steam

Confidence among small businesses leapt higher in the first quarter of the year, in a sign that the UK’s recovery from recession continues to gather steam.

Industry professionals react to latest UK GDP figures

UK GDP figures have been released, confirming a 0.6% rise in Q1 which hints at UK economy rebounding after posting its best quarterly performance in over a year. Following this announcement, industry professionals from the financial services sector have shared their thoughts on what it could mean going forward.

Strong GDP growth in Q1 marks a clear end to the recession

Commenting on ONS data, which showed that GDP grew by 0.4% in March 2024 and by 0.6% across the first quarter of 2024, Dr. Roger Barker, Director of Policy at the Institute of Directors, said: “The latest statistics for GDP growth are better than expected and suggest that a meaningful recovery in the economy may be underway.

Bank of England moves closer to first rate cut since 2020

The Bank of England took another step towards lowering interest rates, as a second official backed a cut and Governor Andrew Bailey said he was “optimistic that things are moving in the right direction”.

UK small business owners expect to outperform the UK economy in 2024

Business owners are in an optimistic mood, despite concerns about the economy, according to the 2024 annual survey of small businesses conducted by Atom Content Marketing.

UK exits recession, but what hope for hospitality?

Hospitality businesses remain crippled by high interest rates despite today’s GDP figures showing signs that the UK economy is “returning to full health”. Experts disagree that the GDP figures are a sign of “full health”. Following two years of very little growth, one set of positive figures “cannot be considered as ‘proof’ of anything”, according to Prof Stephen Millard, deputy director of the National Institute of Economic and Social Research.

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