Growth returned in the UK economy in January, according to official figures.
The measure of everything produced in the UK – a metric called gross domestic product (GDP) – rose 0.2%, the Office for National Statistics (ONS) said.
It’s the first official economic growth announcement since a recession was declared last month as there were two successive three-month periods of negative economic growth.
When looked at over a three month period, GDP fell 0.1% up to January, compared to the three months to October.
But the overall growth in January could mean the recession is the shortest ever in UK history, if the trend continued into February and March.
The main reason the economy grew was down to the services industry, the ONS said.
It was also a good month for construction with output having increased 1.1% over the month.
Wages rising less than before and unemployment on the up, but not enough to lower interest rates
Budget 2024: All income groups bar richest 10% better off this year due to government tax and benefit policies
How Budget 2024 had a smaller impact on public finances than the autumn statement
The data, however, is just an estimate and is subject to revision.
Figures are routinely revised as more information becomes available.
Responding to the data, Chancellor Jeremy Hunt said:
“While the last few years have been tough, today’s numbers show we are making progress in growing the economy – part of which makes it possible to bring down national insurance contributions by £900 this coming year.
“But if we want the rate of growth to pick up more we need to make work pay which means ending the unfairness of taxing work twice.”
Be the first to get Breaking News
Install the Sky News app for free
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.