Data confirms UK economy went into recession last year

Official figures confirmed Britain's economy entered a shallow recession last year, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year.

The figures will be disappointing for Sunak who has been accused by the opposition Labour Party - which is far ahead in opinion polls - of overseeing"Rishi's recession". However, the country has been slow to recover from the effects of the Covid-19 pandemic, and its economy stands just 1% bigger than its level of late 2019, with only Germany among Group of Seven nations faring worse.

The Bank of England, which has said British inflation is moving towards the point where it can start cutting interest rates, expects the economy to grow by just 0.25% this year although official budget forecasters expect a 0.8% expansion.

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Referendums Ireland 2024 recap: Official results as family and care referendums rejectedTaoiseach Leo Varadkar admitted that the defeat in the two referendums was 'two wallops' from the electorate
Source: IrishMirror - 🏆 4. / 98 Read more »

Michael McGrath: ‘It is in all of our interests to have a cordial relationship with Britain’The minister took a UK budget-week trip to London where he met with the Bank of England and Irish stock exchange operator Euronext
Source: businessposthq - 🏆 8. / 71 Read more »

Hungary’s prime minister Orban supports Trump after Florida meetingOrban has long been at odds with fellow European Union members over range of issues
Source: IrishTimes - 🏆 3. / 98 Read more »

Prime Video has added 25 huge movies to its libraryWe recently gave a run down of all the movies quietly added to Netflix in recent weeks, now we are doing the same for Prime Video.
Source: JOEdotie - 🏆 31. / 51 Read more »

German and Australian investors in €40m bid for prime Dublin office40 Molesworth Street is fully occupied and generating €2.175m in annual rental income
Source: IrishTimes - 🏆 3. / 98 Read more »

US welcomes Mohammed Mustafa as Palestinian Authority’s new prime ministerThe former senior World Bank official has the credentials to tackle the monumental task of rebuilding Gaza
Source: IrishTimes - 🏆 3. / 98 Read more »