The UK economy has reported a 0.3% growth in January, according to the Office for National Statistics (ONS). This is the first positive growth since the start of the pandemic, and is a welcome sign of recovery for the UK economy.
The growth was driven by the services sector, which accounts for around 80% of the UK’s economic output. This sector grew by 0.4%, with the hospitality and retail sectors leading the way. The manufacturing sector also saw positive growth, increasing by 0.7%.
The ONS has attributed the growth to the easing of restrictions in England during January, which allowed some businesses to reopen. This has been welcomed by many businesses, who have been struggling during the pandemic.
However, despite the positive news, the UK economy is still 6.2% below its pre-pandemic level. This means that there is still a long way to go before the economy returns to its pre-pandemic levels.
The UK government has been taking steps to support businesses during the pandemic, including extending the furlough scheme and providing grants to businesses in certain sectors. This has helped to protect jobs and keep businesses afloat during this difficult time.
The UK government has also announced a roadmap out of lockdown, which will see restrictions gradually eased over the coming months. This should help to further boost the economy, as more businesses are able to reopen and people are able to return to work.
Overall, the 0.3% growth in January is a positive sign for the UK economy, and shows that it is beginning to recover from the pandemic. However, there is still a long way to go before the economy returns to its pre-pandemic levels, and the government must continue to provide support to businesses in order to ensure a successful recovery.