The UK economy is a long way from blossoming despite glimmers of hope

A deeper recession was avoided only thanks to record immigration, and the MPC is bound to be cautious about cutting interest rates

It may be too little, and too late, to rescue Rishi Sunak from a thumping election defeat, but there are signs the UK economy is on the turn. After two years of drift, some green shoots of recovery are finally appearing.

Last week's growth figures suggest the economy is emerging from a short and shallow recession in the second half of last year. Surveys of consumer and business sentiment have been more upbeat since the beginning of the year. More houses are changing hands and property prices have started to rise.