Nigel Evans, MP for the Ribble Valley has welcomed today’s announcement that the UK’s economy grew by 0.6% in the first three months of the year, the highest growth in nearly three years and ending the shallow recession the UK entered into towards the end of last year.
Alongside inflation falling to the lowest rate for two and a half years, today’s growth figures have shown that services including retail, public transport, haulage, and health have performed particularly well.
Commenting on the Ribble Valley’s Economy Nigel Evans said:
“Today’s figures showing that the UK’s economy has grown by 0.6% in the first three months of this year demonstrate the significant economic progress the UK is making. Following the pandemic, I am fully aware of the economic hardship that many of my constituents have endured, with the rise in prices and the cost of living. However, today’s announcement is highly encouraging - we are seeing the fastest economic growth we have seen in two years and the UK has come out of the recession we entered into last year.
“The UK’s economy is now projected to grow faster than France, Germany, Italy and Japan over the next six years, this progress alongside the fall in inflation rates should soon be seen directly by my constituents as mortgages rates fall from their peak and wages continue to grow in real terms for the ninth month in a row.
“From small local businesses to large scale global exporters Ribble Valley businesses have shown extreme resilience over the recent months of difficult economic circumstances, and I am thrilled that the improvements in the UK’s economy will reward this resilience. Over 50,000 businesses call Lancashire their home and with Lancashire County Council’s Economic Strategy involving plans to secure over £20bn of investment over the next decade, Lancashire and the Ribble Valley show no signs of slowing down as a hotspot for successful business growth.
“The recent economic growth we have seen has been led by services – including areas such as hospitality, arts, and entertainment, sectors the Ribble Valley holds in abundance and which continue to grow. The Ribble Valley already has an incredibly low unemployment rate of 1.9% compared to the national rate of 4.2%, however this economic boost for business will no doubt open up further job opportunities within the Ribble Valley in the months and years to come”.
