THERE was much talk of a technical recession last week following latest figures but the UK economy is in fine shape. It is forecast to outgrow our G7 European competitors.

Inflation is down to four per cent and is forecast to fall further towards the two per cent target. Food inflation is at a near two-year low - a welcome development. Meanwhile wages are up 5.8 per cent meaning households have got more cash coming in.

Despite a once-in-a-lifetime pandemic, unemployment is at near record lows - down to 3.8 per cent from 8.0 per cent in 2010. There were 413,000 more people on payrolls than a year ago. A total of 30.4 million are employed in the UK - a record. Debt is also now under control following the pandemic and cost of living support.

There is also a belief we are no longer in recession because the latest figures were for the last quarter of 2023 but we will have to wait for the next update to confirm this. However, one fact is clear: the UK economy has done better than many predicted. It is doing better than Germany.

And if we drill down a bit, there’s some strong trends too. The UK now has the world’s third largest tech sector after the US and China, much bigger than France or Germany, with more than 40,000 new tech businesses created since 2010.

Businesses are being encouraged to invest by offsetting those investments against corporation tax to drive growth and productivity as we look to start growing the economy more strongly in the future.

There is much to be optimistic about.

Details about the £4.7 Billion Local Transport Fund were announced this week with the West Midlands gaining a big slice at £2.2 billion. The cash is reallocated HS2 money and it meets the Prime Minister’s promise to use that money that would have gone on the link from Brum to Manchester on local transport projects instead.

Funds will be coming through from next year and the government said it can be spent on new roads and mass transit connections, more EV charge-points or refurbished bus and train stations. It can also be spent on repairing potholes.

The Transport Secretary said it will be for locally elected representatives – councils, working with local MPs, not Whitehall – to decide how to spend this money.

I will be working with Dudley Council and the West Midlands Combined Authority to look at grabbing some of it for the Stourbridge Dasher train service that would reinstate passenger services on the four-mile freight-only branch line between Stourbridge Junction and Round Oak, Brierley Hill.

The project has broad local support, including from West Midlands Mayor Andy Street. Having it in place would link Stourbridge to the wider Black Country.