West & North Yorkshire Chamber of Commerce today welcomes the news that Britain has exited recession

GDP in the UK grew by 0.6 per cent during the first quarter of 2024, ahead of expectations.

Mark Casci, head of policy and representation at the Chamber, said: “It is testimony to the strength and resilience of Yorkshire and Britain’s economy that it has been able to drive its way out of last year’s shallow recession.

“Growth of 0.6 per cent is stronger than expected and gives British business a strong platform to build on for the rest of the year.

“However, nobody will be celebrating today as significant challenges remain. Uncertainty remains the new norm and issues around connectivity, skills, recruitment, trade barriers with the EU, geopolitical issues and higher than desired inflation and interest rates remain daily challenges.  

“We stand ready to support our members and lobby for these issues to be addressed so that this latest growth in our economy can be improved sustainably.”

David Bharier, Head of Research at the British Chambers of Commerce, said:  “Today’s Q1 GDP first estimate of 0.6 per cent, outstripping expectations, is a welcome sign that the UK has moved away from last year’s shallow recession. Businesses across the UK have been the driving force behind the recovery. 

“Firms have shown resilience in the face of multiple headwinds and this estimate should give business and investor confidence a boost. 

“However, significant challenges remain. The UK has seen waves of economic and political uncertainty in recent years, from inflation to skills shortages and trade barriers with the EU, which have weighed down on its growth potential. Our latest surveys show that most SMEs are still not increasing investment. 

“With signals from the Bank that their next move will be an interest rate cut, it is now essential that policymakers show businesses a clear plan for growth to unlock their economic potential.”