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Sluggish growth fails to dent optimism

High street with shoppers walking

The Office for National Statistics reported yesterday that the UK economy grew just 0.3% in the first quarter, down from 0.6% in the previous three-month period. After dipping initially on the news, sterling bounced back against the dollar to its highest level in almost two months. John Hawksworth, chief economist at PwC, said the growth data indicated 'a wobble rather than the start of a serious slowdown', and CBI chief John Cridland said the feedback from his members was that the economy was 'more resilient' than official figures suggested. Chris Williamson, chief economist of Markit, said PMI surveys indicated that growth should 'bounce back in the second quarter'.

 

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