News for Tool Hire, Equipment Hire & Plant Hire and Rental Professionals

Out of recession

10 May 2024

Out of recession

Perhaps I won’t have to use the word ‘unprecedented’ so much.

Figures released by the Office for National Statistics today provided a welcome boost by showing that the UK economy has emerged from last year’s shallow recession with growth of 0.6% that surpassed forecasts.

This was the fastest expansion since the last quarter of 2021, when the UK was faced with the rampant Omicron Covid-19 variant (as reported on the blog at the time), and shortly before the start of Russia’s confict with Ukraine.

With the rate of inflation now falling back after eye-wateringly steep rises over the last two years (which the Bank of England consistently miscalculated), and talk of likely interest rates cuts later this summer, it suggests that the economy is stabilising after the price increases caused by energy cost spikes and supply chain disruptions.

It would also appear that the extraordinary economic disruption in the wake of the pandemic, which began just over four years ago, is now returning to normality.

There will doubtless be further difficulties ahead, not least in the wake of the ongoing Ukraine conflict and the volatile situation in the Middle East. Fuel prices also remain much higher than they were pre-Covid, and interest rates are still at their highest level for 16 years.

But if unpredictable and unprecedented events are replaced by normality and responsibility, day-to-day business operations and future planning should thankfully become easier.

Photo: Lukas/Pexels

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