Britain’s economy looks set to exit the recession as the latest data indicates growth despite a slowdown in services activity. The S&P Global composite purchasing managers index showed a slight dip in March but remained above the threshold for growth for the fifth consecutive month. Survey respondents highlighted a turnaround in business and consumer spending, contributing to the positive outlook. While there were revisions in services activity figures, the manufacturing sector posted its first above-50 reading in nearly two years. Economists predict a gradual pickup in the economy supported by factors like lower inflation, falling interest rates, and tax cuts. The Bank of England is keeping an eye on inflation while businesses’ wage and selling price expectations have cooled. With an upcoming national election, the economy’s performance remains crucial, as Prime Minister Rishi Sunak strives to navigate through challenging times.
UK Economy Set to Exit Recession Despite March Slowdown
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