UK economy grew more than estimated in early 2024

UK economy grew more than estimated in early 2024The economy grew by more than initially estimated in the first three months of 2024 as the UK emerged from recession, revised official figures show.Between January and March, the economy grew by 0.7% the Office for National Statistics (ONS) said.Figures released last month initially estimated growth had been 0.6%.The strength of the economy has been a central battleground in the general election campaign, with growth having been sluggish in recent years.Most economists, politicians and businesses want to see GDP rising steadily, because it usually means people are spending more, extra jobs are created, more tax is paid

to the government and workers get better pay rises.The original figure for the first quarter of the year was stronger than economists had expected, and growth in the services sector, which includes businesses such as hairdressers, banks, and hospitality, helped to push it higher, the ONS said.But while services growth was revised upwards, increases in manufacturing were revised down on the back of more data being collected.Due to the upward revision, the UK was the fastest growing economy in the G7 group of countries with advanced economies in the first three months of this year.Prime Minister and Conservative leader Rishi Sunak hailed the new revised growth and said

his party had a "clear plan to deliver a more secure future for your family".But Labour accused the Conservatives of "14 years economic vandalism", which it said had left people worse off."A Labour government will grow the economy and show Britain is open for business with a plan for growth, so that we can put money back in people’s pockets," said a spokesperson.Sarah Olney, Liberal Democrat Treasury spokesperson, said despite the upward revision, the figures would "come as cold comfort for families being hammered by spiralling mortgage repayments, unfair stealth taxes and the cost of a weekly food shop going through the roof".