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Revised figures confirm UK ended 2023 in recession - BBC News | |
(32 minutes later) | |
Faisal Islam | |
Economics editor | |
There’s no change to | |
the headline numbers from the end of last year, confirming that the UK was in a mild recession. | |
In fact, the economy is a tiny bit smaller than it was at the beginning of 2021. | |
While more timely data | |
suggests that recession should already be over in the current quarter between January and March, the | |
overall picture is of zero growth for a couple of years. | |
It is difficult to | |
square this with Prime Minister Rishi Sunak's promise last year to “grow the economy”. | |
The chancellor pins the blame on rising interest rates, but the bulk of those increases had already occurred. | |
When the PM last week promised a “bounceback”, he was specifically talking about 2024. It is not evident in the | |
2023 numbers. | |
The prime minister and the chancellor will be dearly awaiting a series of rate | |
cuts from the Bank of England which could, possibly, come as soon as May - though don't bet on that. | |
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