The economic bounce-back that many people won't be feeling

The economy grew by 0.6% in the first three months of the 2024. Annualised, that’s growth of 2.5% a year - that used to be a steady run-rate but hasn’t been for a very long time.“Today’s growth figures are proof that the economy is returning to full heath for the first time since the pandemic,” Jeremy Hunt said.Chancellor Jeremy Hunt said that 'today's growth figures are proof the economy is returning to full health' following the pandemic.

Pay is rising faster than prices again, businesses are feeling more upbeat about the future, the ratio of vacancies to job-seekers is back to pre-Covid levels, industrial action is less frequent and the Bank of England is talking about cutting interest rate cuts. The amount our economy produces, divided by all the people in the country now stands at £8,281 per head.

“The wider backdrop is still worrying,” says James Smith at the Resolution Foundation, pointing out we have just exited the third recession in 16 years.

Recession

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