Britain’s economy entered a shallow recession last year, official figures confirmed today, 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.
However, Britain remains one of the slowest countries to recover from the effects of the Covid-19 pandemic. At the end of last year, its economy was just 1 per cent bigger than in late 2019, with only Germany faring worse among Group of Seven nations. BoE policymaker Jonathan Haskel said in an interview reported in Thursday’s Financial Times that rate cuts were “a long way off”, despite dropping his advocacy of a rise at last week’s meeting.
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