{"id":1881,"date":"2024-05-10T19:07:15","date_gmt":"2024-05-10T19:07:15","guid":{"rendered":"https:\/\/260web.com\/news\/sunak-says-itll-take-time-for-people-feel-better-as-uk-exits-recession\/"},"modified":"2024-05-10T19:07:15","modified_gmt":"2024-05-10T19:07:15","slug":"sunak-says-itll-take-time-for-people-feel-better-as-uk-exits-recession","status":"publish","type":"post","link":"https:\/\/260web.com\/news\/sunak-says-itll-take-time-for-people-feel-better-as-uk-exits-recession\/","title":{"rendered":"Sunak says it&#8217;ll take time for people feel better as UK exits recession"},"content":{"rendered":"<p>Sunak says it&#8217;ll take time for people feel better as UK exits recession<\/p>\n<div data-component=\"image-block\" class=\"ssrcss-xza2yt-ComponentWrapper ep2nwvo1\">\n<figure class=\"ssrcss-8589xk-StyledFigure e34k3c23\">\n<div class=\"ssrcss-ab5fd8-StyledFigureContainer e34k3c21\"><span class=\"ssrcss-xsn468-Placeholder etlorgc0\"><picture><source srcset=\"https:\/\/ichef.bbci.co.uk\/news\/240\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png.webp 240w, https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png.webp 320w, https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png.webp 480w, https:\/\/ichef.bbci.co.uk\/news\/624\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png.webp 624w, https:\/\/ichef.bbci.co.uk\/news\/800\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png.webp 800w, https:\/\/ichef.bbci.co.uk\/news\/976\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png.webp 976w\" type=\"image\/webp\"><img fetchpriority=\"high\" decoding=\"async\" alt=\"UK Prime Minister Rishi Sunak\" loading=\"eager\" src=\"https:\/\/260web.com\/news\/wp-content\/uploads\/2024\/05\/TIs2qJ.png\" srcset=\"https:\/\/ichef.bbci.co.uk\/news\/240\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png 240w, https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png 320w, https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png 480w, https:\/\/ichef.bbci.co.uk\/news\/624\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png 624w, https:\/\/ichef.bbci.co.uk\/news\/800\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png 800w, https:\/\/ichef.bbci.co.uk\/news\/976\/cpsprodpb\/e784\/live\/72a27a30-0ecd-11ef-ae5b-6f3cb4b494be.png 976w\" width=\"925\" height=\"520\" class=\"ssrcss-11yxrdo-Image edrdn950\"><\/picture><\/span><span role=\"text\" class=\"ssrcss-tvuve5-StyledFigureCopyright e34k3c20\">Getty Images <\/span><\/div>\n<\/figure>\n<\/div>\n<div data-component=\"byline-block\" class=\"ssrcss-1hbb5i-BylineComponentWrapper e8mq1e90\">\n<div class=\"ssrcss-1tfo6ca-BylineWrapper e8mq1e917\">\n<div class=\"ssrcss-1bhyidw-ContributorContainer e8mq1e916\">\n<div class=\"ssrcss-aev3hv-Container-ContributorDetails e8mq1e913\">\n<div class=\"ssrcss-68pt20-Text-TextContributorName e8mq1e96\">Dearbail Jordan<\/div>\n<div class=\"ssrcss-84ltp5-Text e8mq1e910\">Business reporter<\/div>\n<\/div>\n<\/div>\n<div class=\"ssrcss-1bhyidw-ContributorContainer e8mq1e916\">\n<div class=\"ssrcss-aev3hv-Container-ContributorDetails e8mq1e913\">\n<div class=\"ssrcss-68pt20-Text-TextContributorName e8mq1e96\">\n<div class=\"ssrcss-1q14p6q-LinkWithChevronContainer e8mq1e91\">Faisal Islam<span class=\"ssrcss-o1g7k8-IconContainer-IconContainerChevron e8mq1e93\"><svg viewBox=\"0 0 32 32\" width=\"1em\" height=\"1em\" class=\"ssrcss-xi5oyi-StyledIcon e161cein1\" focusable=\"false\" aria-hidden=\"true\"><path d=\"M21.6 14.3 5.5 31h6.4l14.6-15L11.9 1H5.5l16.1 16.7z\" \/><\/svg><\/span><\/div>\n<\/div>\n<div class=\"ssrcss-84ltp5-Text e8mq1e910\">Economics editor<\/div>\n<div class=\"ssrcss-84ltp5-Text e8mq1e910\">\n<div class=\"ssrcss-1q14p6q-LinkWithChevronContainer e8mq1e91\">@faisalislam<span class=\"ssrcss-86zs3k-IconContainer-IconContainerChevron e8mq1e93\"><svg viewBox=\"0 0 32 32\" width=\"1em\" height=\"1em\" class=\"ssrcss-xi5oyi-StyledIcon e161cein1\" focusable=\"false\" aria-hidden=\"true\"><path d=\"M21.6 14.3 5.5 31h6.4l14.6-15L11.9 1H5.5l16.1 16.7z\" \/><\/svg><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ssrcss-14afken-Divider e8mq1e915\"><\/div>\n<\/div>\n<div data-component=\"timestamp-block\" class=\"ssrcss-xza2yt-ComponentWrapper ep2nwvo1\">\n<div>\n<ul role=\"list\" class=\"ssrcss-j4gvkq-MetadataStripContainer eh44mf03\">\n<div class=\"ssrcss-13nu8ri-GroupChildrenForWrapping eh44mf02\">\n<li role=\"listitem\" class=\"ssrcss-30fcoe-MetadataStripItem eh44mf01\">\n<div class=\"ssrcss-m5j4pi-MetadataContent eh44mf00\"><span class=\"ssrcss-1pvwv4b-MetadataSnippet e4wm5bw3\"><span class=\"ssrcss-1if1g9v-MetadataText e4wm5bw1\"><time data-testid=\"timestamp\" datetime=\"2024-05-10T13:15:41.362Z\">10 May 2024, 14:15 BST<\/time><\/span><\/span><\/div>\n<\/li>\n<\/div>\n<\/ul>\n<\/div>\n<div>\n<ul role=\"list\" class=\"ssrcss-j4gvkq-MetadataStripContainer eh44mf03\">\n<div class=\"ssrcss-13nu8ri-GroupChildrenForWrapping eh44mf02\">\n<li role=\"listitem\" class=\"ssrcss-30fcoe-MetadataStripItem eh44mf01\">\n<div class=\"ssrcss-m5j4pi-MetadataContent eh44mf00\"><span class=\"ssrcss-1pvwv4b-MetadataSnippet e4wm5bw3\"><span class=\"ssrcss-1if1g9v-MetadataText e4wm5bw1\"><time data-testid=\"timestamp\" datetime=\"2024-05-10T18:36:14.575Z\">Updated 30 minutes ago<\/time><\/span><\/span><\/div>\n<\/li>\n<\/div>\n<\/ul>\n<\/div>\n<\/div>\n<div data-component=\"text-block\" class=\"ssrcss-uf6wea-RichTextComponentWrapper ep2nwvo0\">\n<div class=\"ssrcss-7uxr49-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\"><b class=\"ssrcss-1xjjfut-BoldText e5tfeyi3\">Prime Minister Rishi Sunak has said that it will &#8220;take time&#8221; for people to &#8220;really feel better&#8221; as figures revealed the UK had emerged from recession. <\/b><\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The economy grew by 0.6% between January and March after shrinking in the second half of last year. <\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Mr Sunak told the BBC that the UK economy has &#8220;real momentum&#8221; but admitted there was &#8220;more work to do&#8221;.  <\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Both Labour and the Liberal Democrats said there was little to celebrate. &#8220;After 14 years of economic chaos, working people are still worse off,&#8221; said Labour&#8217;s shadow chancellor Rachel Reeves.<\/p>\n<\/div>\n<\/div>\n<div data-component=\"text-block\" class=\"ssrcss-uf6wea-RichTextComponentWrapper ep2nwvo0\">\n<div class=\"ssrcss-7uxr49-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Gross domestic product (GDP) &#8211; which measures the amount of goods and services an economy produces &#8211; rose by more than expected in the first three months of the year. Analysts had forecast 0.4% growth.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Mr Sunak suggested that there was now some strength behind the UK economy, which saw the fastest pace of growth for two years between January and March.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The UK fell into recession at the end of last year after shrinking for two three-month periods in a row.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Mr Sunak said: &#8220;Of course there&#8217;s more work to do and I get that and that&#8217;s why I&#8217;m keen to stick to our plan and keep delivering for people.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">&#8220;But I think today&#8217;s figures show that we now have momentum.&#8221;<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">However, Ms Reeves said: &#8220;This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good.&#8221;<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Lib Dem Treasury spokesperson Sarah Olney said it was the time to call a general election.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The economy will be a key battleground in the upcoming election, the date of which is yet to be revealed.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Meanwhile, the FTSE 100 index closed on a fresh record high after the economic figures came out.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">It closed 52.41 points, or 0.63% higher, at 8,433.76, with finance and industrial stocks among the biggest risers of the day.<\/p>\n<\/div>\n<\/div>\n<div data-component=\"links-block\" class=\"ssrcss-12l5xzx-LinksComponentWrapper e3eyuya0\">\n<section class=\"ssrcss-msolhr-LinksWrapper e3eyuya5\">\n<ul role=\"list\" class=\"ssrcss-mh3hvv-InContentLinksGrid e3eyuya3\">\n<li class=\"ssrcss-r2yl4r-PromoItem e3eyuya1\">\n<div data-testid=\"promo\" class=\"ssrcss-nw19pv-Promo e1vyq2e80\">\n<div class=\"ssrcss-1enzf19-PromoCompact e18gnqux0\">\n<div class=\"ssrcss-1d68cot-PromoContent exn3ah99\">\n<div spacing=\"2\" class=\"ssrcss-1f3bvyz-Stack e1y4nx260\"><span role=\"text\"><\/p>\n<p class=\"ssrcss-15dlehh-PromoHeadline exn3ah96\"><span aria-hidden=\"false\">UK exits recession with fastest growth in two years<\/span><\/p>\n<p><\/span><\/div>\n<div spacing=\"2\" class=\"ssrcss-1f3bvyz-Stack e1y4nx260\">\n<div>\n<ul role=\"list\" class=\"ssrcss-j4gvkq-MetadataStripContainer eh44mf03\">\n<div class=\"ssrcss-13nu8ri-GroupChildrenForWrapping eh44mf02\">\n<li role=\"listitem\" class=\"ssrcss-30fcoe-MetadataStripItem eh44mf01\">\n<div class=\"ssrcss-m5j4pi-MetadataContent eh44mf00\"><span class=\"ssrcss-1pvwv4b-MetadataSnippet e4wm5bw3\"><span class=\"ssrcss-1if1g9v-MetadataText e4wm5bw1\">8 hours ago<\/span><\/span><\/div>\n<\/li>\n<\/div>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li class=\"ssrcss-r2yl4r-PromoItem e3eyuya1\">\n<div data-testid=\"promo\" class=\"ssrcss-nw19pv-Promo e1vyq2e80\">\n<div class=\"ssrcss-1enzf19-PromoCompact e18gnqux0\">\n<div class=\"ssrcss-1d68cot-PromoContent exn3ah99\">\n<div spacing=\"2\" class=\"ssrcss-1f3bvyz-Stack e1y4nx260\"><span role=\"text\"><\/p>\n<p class=\"ssrcss-15dlehh-PromoHeadline exn3ah96\"><span aria-hidden=\"false\">What is GDP and how does it affect me?<\/span><\/p>\n<p><\/span><\/div>\n<div spacing=\"2\" class=\"ssrcss-1f3bvyz-Stack e1y4nx260\">\n<div>\n<ul role=\"list\" class=\"ssrcss-j4gvkq-MetadataStripContainer eh44mf03\">\n<div class=\"ssrcss-13nu8ri-GroupChildrenForWrapping eh44mf02\">\n<li role=\"listitem\" class=\"ssrcss-30fcoe-MetadataStripItem eh44mf01\">\n<div class=\"ssrcss-m5j4pi-MetadataContent eh44mf00\"><span class=\"ssrcss-1pvwv4b-MetadataSnippet e4wm5bw3\"><span class=\"ssrcss-1if1g9v-MetadataText e4wm5bw1\">9 hours ago<\/span><\/span><\/div>\n<\/li>\n<\/div>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li class=\"ssrcss-r2yl4r-PromoItem e3eyuya1\">\n<div data-testid=\"promo\" class=\"ssrcss-nw19pv-Promo e1vyq2e80\">\n<div class=\"ssrcss-1enzf19-PromoCompact e18gnqux0\">\n<div class=\"ssrcss-1d68cot-PromoContent exn3ah99\">\n<div spacing=\"2\" class=\"ssrcss-1f3bvyz-Stack e1y4nx260\"><span role=\"text\"><\/p>\n<p class=\"ssrcss-15dlehh-PromoHeadline exn3ah96\"><span aria-hidden=\"false\">Faisal Islam: Economy is getting better but people may not notice<\/span><\/p>\n<p><\/span><\/div>\n<div spacing=\"2\" class=\"ssrcss-1f3bvyz-Stack e1y4nx260\">\n<div>\n<ul role=\"list\" class=\"ssrcss-j4gvkq-MetadataStripContainer eh44mf03\">\n<div class=\"ssrcss-13nu8ri-GroupChildrenForWrapping eh44mf02\">\n<li role=\"listitem\" class=\"ssrcss-30fcoe-MetadataStripItem eh44mf01\">\n<div class=\"ssrcss-m5j4pi-MetadataContent eh44mf00\"><span class=\"ssrcss-1pvwv4b-MetadataSnippet e4wm5bw3\"><span class=\"ssrcss-1if1g9v-MetadataText e4wm5bw1\">8 hours ago<\/span><\/span><\/div>\n<\/li>\n<\/div>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/section>\n<\/div>\n<div data-component=\"text-block\" class=\"ssrcss-uf6wea-RichTextComponentWrapper ep2nwvo0\">\n<div class=\"ssrcss-7uxr49-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Earlier this week, the Bank of England&#8217;s governor Andrew Bailey told the BBC that the UK was seeing a recovery, though not a strong one.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The Bank voted to hold interest rates at a 16-year high of 5.25%. It expects inflation &#8211; which measures the pace of price rises &#8211; to fall back to its 2% target in the next couple of months. <\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">That had lifted forecasts of a rate cut next month. However, the stronger than expected GDP figures have dampened those expectations.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Ruth Gregory, deputy chief UK economist at Capital Economics, said it showed &#8220;the Bank of England doesn&#8217;t need to rush to cut interest rates&#8221;.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">She said the first rate cut would ultimately be determined by upcoming employment and inflation figures.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Mr Sunak said that the GDP figures show that the UK has the joint highest growth rate in the G7 developed nations, tying with Canada.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">He added: &#8220;Wages and going up, energy bills are coming down and taxes are going down.&#8221;<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The government has cut National Insurance by 4% since late last year.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">However, it has also kept income tax thresholds frozen so when a person&#8217;s wage increases, they could be moving up into a higher tax bracket. <\/p>\n<\/div>\n<\/div>\n<div data-component=\"topic-list\" class=\"ssrcss-1qmkvfu-TopicListWrapper etw6iwl1\">\n<div class=\"ssrcss-smoc0a-StyledTagContainer ed0g1kj1\">\n<div class=\"ssrcss-50vlbt-TopicListHeaderWrapper etw6iwl0\">\n<h2 type=\"normal\" class=\"ssrcss-1hh51ad-Heading e10rt3ze0\">Related Topics<\/h2>\n<\/div>\n<div class=\"ssrcss-17ehax8-Cluster e1ihwmse1\">\n<ul role=\"list\" spacing=\"2\" class=\"ssrcss-1ujonwb-ClusterItems e1ihwmse0\">\n<li>Economics<\/li>\n<li>GDP<\/li>\n<li>Rishi Sunak<\/li>\n<li>Cost of Living <\/li>\n<li>UK economy<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<p>Published at Fri, 10 May 2024 18:36:14 +0000<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sunak says it&#8217;ll take time for people feel better as UK exits recession Getty Images Dearbail Jordan Business reporter Faisal Islam Economics editor @faisalislam 10 May 2024, 14:15 BST Updated 30 minutes ago Prime Minister Rishi Sunak has said that it will &#8220;take time&#8221; for people to &#8220;really feel better&#8221; as figures revealed the UK&hellip; <a class=\"more-link\" href=\"https:\/\/260web.com\/news\/sunak-says-itll-take-time-for-people-feel-better-as-uk-exits-recession\/\">Continue reading <span class=\"screen-reader-text\">Sunak says it&#8217;ll take time for people feel better as UK exits recession<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-politics","entry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/posts\/1881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/comments?post=1881"}],"version-history":[{"count":0,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/posts\/1881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/media\/1880"}],"wp:attachment":[{"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/media?parent=1881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/categories?post=1881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/260web.com\/news\/wp-json\/wp\/v2\/tags?post=1881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}