Britain looks to be out of recession, but it is far from ending stagnation

14th March 2024

Commenting on the latest ONS GDP figures, which saw the economy grow by 0.2 per cent in January off the back of strong retail sales. James Smith, Research Director at the Resolution Foundation, said, ""Britain looks to be out of recession already, with strong retail sales helping the economy to grow in January and recent PMI data suggesting that momentum has continued into February.

"But Britain is far from ending its period of prolonged stagnation, with the economy yet to return to its pre-pandemic size on a per person basis. Ending stagnation will require sustained productivity improvements, greater investment and a far stronger export performance."