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Hunt insists plan to carry inflation down is working regardless of 4 per cent enhance
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The UK is assumed to have slipped into recession on the finish of final 12 months, official figures are set to present on Thursday.
The Office for National Statistics (ONS) is predicted to reveal that the UK economic system contracted for the second quarter in a row within the remaining three months of the 12 months.
Most economists are forecasting a 0.1 per cent decline in gross home product (GDP) between October and December.
This would observe a 0.1 per cent contraction within the earlier three months, after a downward revision in opposition to the zero development initially estimated.
A technical recession is outlined by two or extra quarters in a row of falling GDP.
Experts say that if confirmed, it will be a recession within the “mildest of senses” and is probably going to be short-lived, with many preferring to describe the UK’s economic system as having stagnated.
But a recession would deal a blow to prime minister Rishi Sunak, who has promised to develop the economic system as one among his 5 priorities.
Economy thought to have been weak final 12 months
Official figures for the fourth quarter of final 12 months are additionally anticipated to present that the economic system was weak final 12 months as an entire.
ONS estimates recommend it didn’t develop in any respect between April and June, earlier than shrinking between July and September, which has left the UK vulnerable to recession within the remaining three months.
(PA Archive)
Jane Dalton14 February 2024 18:37
UK technically in recession final 12 months, statistics set to reveal
Welcome to our reside weblog on the UK economic system.
The UK is believed to have slipped into recession on the finish of final 12 months after a weak December for the nation’s economic system, official figures are set to present.
The Office for National Statistics (ONS) is predicted to reveal that the UK economic system contracted for the second quarter in a row within the remaining three months of 2023.
Most economists are forecasting a 0.1% decline in gross home product (GDP) between October and December.
This would observe a 0.1% contraction within the earlier three months, after a downward revision in opposition to the zero development initially estimated.
A contraction within the fourth quarter would imply the UK tipped right into a technical recession, as outlined by two or extra quarters in a row of falling GDP.
The Bank of England has held rates of interest at 5.25% 4 instances in a row.
(PA Wire)
Jane Dalton14 February 2024 18:26
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