Blow for Sunak as revised figures confirm UK did go into recession last year

Official figures have confirmed the UK economy went into recession at the end of last year, after the latest estimate found it had contracted in the last two quarters of 2023. said the economy, measured by gross domestic product shrank by 0.3% in the last three months of the year, unrevised from an earlier estimate.has been seeking to reassure Tory MPs that the economy is turning around, after business surveys showed a recovery in private sector activity in the first few months of the year.

However, the ONS said all three sectors – services, production and construction – suffered falling output in the final quarter of 2023 and a deeper recession was only prevented by a rise in government spending. Britain’s trade declined and household consumption also fell despite a fall in inflation towards the end of 2023.

He said the firm’s forecast for the economic recovery in 2024 and 2025 showed it will be stronger than the Bank of England expects.Get set for the working day – we'll point you to all the business news and analysis you need every morningThe firm has predicted that inflation will fall further than the Bank of England expects “and for interest rates to be cut faster and further than current market pricing suggests”.

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