The UK has narrowly avoided a triple-dip recession after its output expanded by 0.3 per cent in the three months to March. A growth level of just 0.1 per cent had been expected.
In the previous three months the economy had contracted by 0.3 per cent and there were fears that the economy would contract again.
Schroders’ European economist Azad Zangana said: “The news of having avoided a triple-dip recession will come as a relief for the Chancellor George Osborne who was recently told by the IMF that a change of course on his austerity plans may be necessary .
“Looking ahead, we expect the UK economy to pick up in the second half of the year on the back of stronger corporate investment.”
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