The UK economy is booming, leading to fears of a recession

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The UK economy is booming, leading to fears of a recession

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  • Thursday’s figures underscore how the U.K.’s recovery from the pandemic has slowed over the past year. Four straight quarters of economic growth mean GDP is now back above pre-pandemic levels for the first time, the ONS said. But the first-quarter growth rate was the slowest since the first quarter of 2021 when the economy expanded by 5.6%. Treasury chief Rishi Sunak blamed the slowdown on Russia’s invasion of Ukraine and “other global challenges,” noting that Britain’s economy is still growing faster than those of the U.S., Germany, and Italy. “The U.K. economy recovered quickly from the worst of the pandemic and our growth in the first few months of the year was strong … but I know these are still anxious times,” he said in a statement.