The UK economy has finally come out of recession after six quarters with official figures showing it expanded by the slimmest of margins at 0.1% between October and December 2009.
The 2008 recession was the longest since quarterly figures were first recorded in 1955 and the UK economy was the last of the G20 nations to start growing again.
The news accompanies other signs of recovery including UK unemployment falling for the first time in 18 months and a return of business confidence in the south east (see earlier story).
The weak level of growth took its toll on the value of the pound, which fell against both the dollar and the euro on the money markets.
ECONOMIC PARTNERSHIP COMMENT
Despite a palpable sense of relief in government circles the recovery is still likely to be long and slow and many commentators, including Nick Parsons from National Australia Bank [who presented to the Brighton & Hove Economic Partnership last week (see earlier story)], are forecasting very low levels of growth throughout the rest of 2010.
Businesses would be well advised to greet the news with very cautious optimism but definitely refrain from making any hasty decisions on the back a mere 0.1% growth.
To get a forecast from experts about the future of the UK economy, come along to the free event on 12th February at Hove Town Hall (click here for details).
Read related items on:
National Australia Bank