These figures mark an important milestone for the UK economy, indicating that the recession at the end of last year was the mildest on record. Despite a formal return to growth being reported, the economy has seen minimal expansion over the past two years.
In a recent interview, Governor of the Bank of England Andrew Bailey stated that the economy is starting to turn around but is not yet experiencing a robust recovery. Shadow chancellor Rachel Reeves has criticized the government for downplaying economic challenges and misleading the public about the strength of the recovery.
As these figures and an expected drop in inflation rate approaching 2% target in two weeks are released, both major political parties have expressed a desire to make economic issues central to their election campaigns. The battle over interpretations of the recovery’s progress is expected to play a crucial role in shaping voters’ opinions leading up to the election.
