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Stagnant growth late last year means the UK economy will improve slower than previously predicted in 2025, according to new forecasts. The EY Item Club economic forecaster has become the latest ...
This is caused in part by a rise in inflation in both the UK and the world in general, as well as the economic impact of issues such as the COVID-19 pandemic, Russia's invasion of Ukraine and Brexit. While all in the UK are affected by rising prices, it most substantially affects low-income persons.
In September and October 2022, the Conservative Party government led by newly appointed prime minister Liz Truss faced a credibility crisis. It was caused by the September 2022 mini-budget and a disorganised vote in the House of Commons over a parliamentary motion to ban fracking, ultimately resulting in the loss of support of Conservative members of parliament (MPs).
Data from the Office for National Statistics indicates the UK economy grew by 0.3% in November 2023, having retracted by the same amount the previous month, meaning the UK avoided going into recession, although the risk of doing so remains. [53] The government defends spending £27,000 replenishing its wine cellar during the COVID-19 pandemic. [54]
On Wednesday, the OBR will also reveal its latest economic growth projections. In its previous forecast in November, the OBR had predicted 0.6% growth in GDP for 2023, with 0.7% growth in 2024.
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ONS figures show that the UK economy shrank by 0.2% in the three months to September. [585] [586] COVID-19 in the UK: The latest Office for National Statistics data indicates a general fall in the number of cases of COVID-19 in the UK, with 1.5 million people testing positive for the virus in the week up to 1 November.