Weekly Digest – 17 April 2024

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

Business output at highest level since May 2022 as recovery continues

Business surveys are pointing to a bright next few months for the UK as the economy finally feels the benefit of falling inflation. Economic output climbed to its highest level since May 2022 in March, according to the BDO Business Trends report, which collects and regroups data from the UK’s main business surveys.

UK housing market recovery gains more ground, RICS survey shows

Britain’s housing market last month saw the strongest levels of interest among buyers in more than two years and a gauge of house prices also touched its highest since 2022 as a recovery gathered more momentum, a survey showed on Thursday.

UK economy ‘stuck on a low-growth treadmill’

Monthly real gross domestic product (GDP) is estimated to have grown by 0.1% in February 2024, according to data published April 12. This follows growth of 0.3% in January 2024, according to the latest figures from the Office for National Statistics (ONS), with overall growth of 0.2% for the three months to February.

More than a fifth of UK adults not looking for work

More than a fifth of working-age adults in the UK are deemed not to be actively looking for work, figures suggest. The UK’s economic inactivity rate was 21.8% between November and January, marginally higher than a year earlier.

Disappointing economic growth in February suggests the economy is still fragile

Commenting on the monthly GDP figures for February 2024, which showed growth of 0.1%, Dr. Roger Barker, Director of Policy at the Institute of Directors, said: “The economy barely grew in February, which suggests that the economy is still in a fragile state.”

Steelworkers at the UK’s largest production plant vote to strike over job losses

Steelworkers at Britain’s largest steel production plant voted to strike for the first time in around 40 years to protest the planned loss of 2,800 jobs by Indian owner Tata Steel, union officials said Thursday.

UK economy’s growth points to exit from recession

Britain’s tepid economy is on course to exit a shallow recession after output grew for a second month in a row in February, and January’s reading was revised higher, official data showed on Friday.

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