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Revised figures confirm UK ended 2023 in recession - BBC News Revised figures confirm UK ended 2023 in recession - BBC News
(32 minutes later)
Faisal Islam Henry Zeffman
Economics editor Chief political correspondent
There’s no change to The government and the Conservative Party will continue to argue
the headline numbers from the end of last year, confirming that the UK was in a mild recession. that the economy is turning a corner – and turning a corner thanks to decisions
In fact, the economy is a tiny bit smaller than it was at the beginning of 2021. they have made.
While more timely data The Labour Party will continue to argue that the recession is
suggests that recession should already be over in the current quarter between January and March, the the ultimate symbol of 14 years of Conservative failure.
overall picture is of zero growth for a couple of years. These are the battle lines for the general election,
It is difficult to whenever it comes.
square this with Prime Minister Rishi Sunak's promise last year to “grow the economy”. There is not universal approval within both parties for how
The chancellor pins the blame on rising interest rates, but the bulk of those increases had already occurred. their senior teams are approaching the economy, though.
When the PM last week promised a “bounceback”, he was specifically talking about 2024. It is not evident in the Within the Conservative
2023 numbers. Party, some MPs think that even if conditions improve this year they will not
The prime minister and the chancellor will be dearly awaiting a series of rate be rewarded electorally without more attention-grabbing retail policies –
cuts from the Bank of England which could, possibly, come as soon as May - though don't bet on that. principally more tax cuts.
And within the Labour Party, some think it’s not
enough to condemn the government’s stewardship of the economy, but that their
leadership should do more to explain how they would govern differently.
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