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Businesses help drive the UK away from recession

The UK economy grew by 0.6% between January and March, according to the latest figures from the Office for National Statistics.

It was the strongest growth for two years and has been welcomed by the British Chambers of Commerce (BCC) as a welcome sign that the UK is moving away from recession.

David Bharier, Head of Research at the BCC, said: “The Q1 GDP first estimate of 0.6%, outstripped expectations and is a welcome sign that the UK has moved away from last year’s shallow recession. Businesses across the UK have been the driving force behind the recovery.

“Firms have shown resilience in the face of multiple headwinds and this estimate should give business and investor confidence a boost.

“However, significant challenges remain. The UK has seen waves of economic and political uncertainty in recent years, from inflation to skills shortages and trade barriers with the EU, which have weighed down on its growth potential. Our latest surveys show that most SMEs are still not increasing investment.

“With signals from the Bank that their next move will be an interest rate cut, it is now essential that policymakers show businesses a clear plan for growth to unlock their economic potential.”

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