Between January and March 2023, the UK economy grew by 0.7%, driven by robust business investments amidst fears of Donald Trump's impending tariffs. This growth surpassed economic predictions and continued the expansion trend following a 0.1% growth in the previous quarter. Key sectors contributing to this growth included services, particularly retail and IT, while production also saw a notable increase. Despite this positive performance, economists warn future growth may be weaker due to the impact of increased national insurance contributions.
The UK economy defied warnings of collapse, growing 0.7% between January and March, driven primarily by a surge in business investments before new tariffs.
The strong economic growth reported for the first quarter contrasts sharply with prior warnings from business leaders about the impact of increased national insurance.
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