Britain’s economy has escaped recession after the economy grew at the start of the year, official figures show.

Gross domestic product (GDP) expanded by 0.6pc in the first quarter of 2024, according to the Office for National Statistics.

It means the UK is no longer in recession after two consecutive quarters of contraction at the end of 2023.

It comes a day after the Governor of the Bank of England, Andrew Bailey, indicated that interest rates will need to be cut in the UK, possibly at a faster pace than markets anticipate.

A cut to interest rates would deliver a further boost to the economy as it would ease borrowing costs for businesses.

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