Economy growth at 0.5 per cent for early 2011 | 28 April 2011
The risk of a double-dip recession has been quashed as the UK economy grew in the first three months of the year, reports BBC News.
The growth, noted at 0.5 per cent, comes after the economy shrunk by the same value in the last three months of 2010.
Other businesses across a majority of sectors will also be pleased to hear of the growth, even at 0.5 per cent. The manufacturing and services sectors had performed very well, according to the Office for National Statistics (ONS).
However, The Guardian reports that economists previously warned that growth of less than 1 per cent could be dangerous and would be “disappointing” for the UK.
Chancellor George Osborne hailed the figures, telling BBC News: “It is good news that the British economy is growing. It is particularly good news that manufacturing is growing so strongly, when we have had such an unbalanced economy in recent years, and manufacturing has not done so well.”
Ed Balls, Labour’s shadow chancellor, did not agree with the Chancellor: “If George Osborne thinks zero growth over six months is good news and a sign that the recovery is on track then he is more out of touch and out of his depth than I feared.”
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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