UK economy returns to growth

The UK economy returned to growth in January, according to official data.

The Office for National Statistics (ONS) said gross domestic product (GDP), a measure of everything produced in the UK, rose by 0.2%.

This is the first official announcement of economic growth since taking office declare recession last month.

However, this data is only an estimate and is subject to revision.

The number is regularly revised As more information becomes available.

Responding to the figures, Chancellor Jeremy Hunt said:

“While the past few years have been difficult, today’s figures show we are making progress on economic growth – part of which means National Insurance contributions could be £900 lower next year.

“But if we want growth to be faster, we need to raise working wages, which means ending the unfairness of working being taxed twice.”

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