British economy rebounds strongly in first quarter of the year, ending 'technical recession'

A general view of the Bank of England in London, Thursday May 9, 2024. The Bank of England has kept its main U.K. interest rate at a 16-year high of 5.25% with several policymakers still worrying about some key inflation measures. In a statement Thursday, the bank’s nine-member Monetary Policy Committee voted 7-2 to keep rates unchanged, with the 2 dissenters backing a quarter-point reduction.

The Office for National Statistics said the economy grew by 0.6% in the first quarter from the previous three-month period, with broad-based strength across sectors. The increase was higher than the 0.4% predicted by economists.Despite the quarterly increase, the British economy has barely grown over the past year. It has been hobbled by interest rates at 16-year highs of 5.25%.

There was hope Thursday that they may be on the way down soon. Bank of England Gov. Andrew Bailey indicated that a rate cut may be on the cards in June if inflation continues to trend downwards. High interest rates — which cool the economy by making it more expensive to borrow — have helped ease inflation, but they’ve also weighed on the British economy.

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