UK narrowly AVOIDS recession after GDP flatlined in the ultimate quarter

#trending | UK narrowly AVOIDS recession after GDP flatlined in the ultimate quarter – UK Financial system – News and Updates | mail Online

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The UK narrowly prevented a recession in the second half of 2022, as GDP flatlined in the ultimate quarter. Consultants have warned of more ache to come back, with the Financial institution of England predicting shrinking GDP in every of the 4 quarters this yr. The Nationwide Institute of Financial and Social Analysis (NIESR) expects the UK to avoid a protracted recession, however high inflation will make it ‘really feel like a recession’ for seven million of the poorest households.


UK narrowly AVOIDS recession after GDP flatlined in the ultimate quarter of 2022… however consultants warn of more ache to comeBy James Tapsfield, Political Editor For Mailonline Printed: 07:03, 10 February 2023 | Up to date: 07:04, 10 February 2023 The UK narrowly prevented going into recession in the second half of final yr after GDP flatlined in the ultimate quarter.The economic system recorded zero development between October and December, meaning that there was no technical recession.The figures are higher than beforehand anticipated – however consultants have warned there is nonetheless more ache to come back. The Financial institution of England, final week, predicted that the UK economic system would shrink in every of the 4 quarters this yr. That stated, the forecasts are for GDP to shrink by so little every quarter, that even a small shift might wreck the predictions.Earlier this week, the Nationwide Institute of Financial and Social Analysis (NIESR) stated it expects the UK to avoid a protracted recession this yr.Nonetheless, high inflation means it should nonetheless ‘really feel like a recession’ a minimum of for seven million of the poorest households, NIESR stated.In keeping with the assume tank, about one in 4 can be ‘unable to fulfill in full their deliberate vitality and meals payments from their publish-tax earnings,’ in the 2023-24 monetary yr. That is a rise from one in 5 the yr earlier than.

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Dave Petchy

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Dave Petchy

I am a passionate, dedicated guy who's been living in London for 10 years now. I love good food, being creative, cycling and having fun. I'm a firm believer that anything worth achieving is worth working hard for and that you should always challenge yourself to be the best version of you possible. I work as an editor at Petchy Media – the award-winning news site that makes quality journalism accessible to everyone. I've also written for The Guardian and worked with brands like Nike, Adidas and KFC on content production projects.

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