27/04/2011
Businesses will be pleased to hear that a 'double-dip recession' has been avoided after the UK economy grew by 0.5 per cent in the first three months of 2011, reports BBC News.
The Office for National Statistics' (ONS) first estimate of economic activity shows a recovery from the 0.5 per cent contraction recorded for the last three months of 2010.
However, before the figure was released, economists claimed that less than 1 per cent growth in the first quarter would be "disappointing".
Nevertheless, firms should be pleased with the growth in economy after months of despair and contractions. Businesses can further increase their own growth with cash-generating measures like sales finance which frees up money restricted in unpaid invoices.
A spokesman from the Treasury told Press Association: "It is good news that the economy has returned to growth. Manufacturing is growing strongly, the economy has created thousands of jobs since the turn of the year, and borrowing is down.''
"The Government has always expected the return to be choppy. But together with continued reminders around the world of the risks facing countries that do not deal with their debts and deficits, today's data shows that the Government has set the right economic course."
Chancellor George Osborne has previously declared that the "economy was on the right track."
Ashley Curtis