SJD Accountancy

ONS report says UK will avoid a triple-dip recession

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The latest report from the Office of National Statistics (ONS) has revealed encouraging news for the UK economy, claiming that Britain will not be entering a triple-dip recession.

There have been countless reports full of doom and gloom, with regards to the UK economy; however, the most recent ONS report has shown that the UK economy grew in the first quarter of 2013, by 0.3%.

Although this may not initially sound like a huge amount, it is a much higher figure than what was originally predicted and is a sign that the UK economy is continuing to fight against another recession.

The main reason behind this growth is believed to be because of North Sea oil and gas production, as well as the strong growth reported in the services sector.

The business secretary, Vince Cable, said of the findings, “Today’s figures are modestly encouraging and taken alongside other indicators, such as employment figures, suggest that things are going in the right direction.”

Chancellor George Osborne said, “Today’s figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress.

“We all know there are no easy answers to problems built up over many years, and I can’t promise the road ahead will always be smooth, but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future.”

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