'We've turned the corner...everyone's predicting for us to grow this year'

RISHI Sunak has insisted the economy "has turned the corner" - amid growing fears a recession will be confirmed today.

- Sam Lister

The Prime Minister held talks with business leaders in Downing Street yesterday as official figures showed inflation remained at 4% despite earlier forecasts of a rise.

However, Office for National Statistics figures today are expected to show the economy contracted slightly in December.

It means the UK went into a "technical recession" where there has been negative growth for two quarters.

However, Mr Sunak stressed that forecasters were predicting the economy would grow this year and said the country was finally heading in the right direction.

He told the Business Council, which included the bosses of Rolls-Royce, ITV and medical company Almac: "I'm absolutely determined to make the UK the best place in the world to start to grow and invest in businesses.

"Of course, we're still battling with lots of global headwinds, not least the Red Sea at the moment. But at the start of this year I absolutely believe that the economy has turned the corner and we're now pointing in the right direction."

He added: "Hopefully that's something that you're seeing in your businesses, but inflation has been more than halved from 11% down to 4% and mortgage rates are starting to come down.

"Everyone is predicting us to grow this year. I think [professional services network] PwC has said that we're going to outperform France, Germany, and Japan this year." Mr Sunak told bosses at the meeting that business had "defined" his life before he entered politics.