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UK GDP grew by 0.2% in January

Likely emergence from recession eases pressure on the Bank of England for early rate cut

13 March 2024

The technical recession the UK experienced in the second half of last year has seemingly ended, according to January’s Gross Domestic Product (GDP) print which saw the economy grow by 0.2% over the month. It will be welcome news to the government who have faced a litany of bad polling numbers and general negative news flow but the momentum of the economy is still pretty weak. The Bank of England will feel less pressure to cut rates urgently if the economy is growing and the ‘higher for longer’ rate narrative keeps getting more obvious as time goes by.

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Charles Hepworth

Investment Director
My Insights

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