- The rally came as figures showed the UK economy grew 0.1% in February
London’s stock market flirted with record highs yesterday as figures suggested Britain has emerged from recession.
In a welcome boost for investors with money in shares, ISAs and pensions, the FTSE 100 rose to 8044 before giving up some of its gains to close down 0.9 percent, or 71.78 points, at 7995.58.
That was almost the highest closing price of all time: the 8014 that was reached in February last year.
On the rise: The FTSE 100 rose to 8044 before giving away some of its gains to close down 0.9 percent, or 71.78 points, at 7995.58
The rally came as official figures showed the UK economy grew by 0.1 percent in February this year, following 0.3 percent growth in January.
The Office for National Statistics report suggested the economy has emerged from recession after shrinking in the third and fourth quarters of last year.
Prime Minister Rishi Sunak said the figures were ‘further evidence that the economy has turned a corner’.
Tory strategists are banking on a recovery in the economy – fueled by falling inflation and tax cuts – to boost the party’s chances in the expected general election later this year.
Susannah Streeter, analyst at investment platform Hargreaves Lansdown, said growth in January and February “added to hopes that the UK recession is in the rear-view mirror”.