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The UK economy is in a “horrible fiscal bind” as it heads for recession with no room to cut taxes or increase public spending to offer a boost, an influential group of economists has said.
Britain’s economy slipped into a recession at the end of 2023 after output contracted by more than expected in the final three months, according to official figures.
Ms Reeves said the challenge facing her government “after 15 years of neglect is huge”, but that the scale of the task is “only fuelling our fire to deliver for working people”.
This is a list of recessions (and depressions) that have affected the economy of the United Kingdom and its predecessor states. In the United Kingdom a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter-on-quarter figures for real GDP. Name Dates Duration Real GDP reduction Causes Other data Great Slump c. 1430 ...
In the first half of 2020, GDP shrank by 22.6%, [119] the deepest recession in UK history and worse than any other G7 or European country. [120] During 2020 the BoE purchased £450 billion of government bonds, taking the amount of quantitative easing since the start of the Great Recession to £895 billion. [121]
Annual UK inflation came in at 3.2% last month, a sharp slowdown from a rate above 10% about a year ago. The central bank targets a rate of 2% and expects to more or less reach it in the next few ...
The UK officially enters the recession as GDP fell by 1.5% in the last quarter of 2008 following a 0.6% drop in the third quarter, [66] with unemployment growing by 131,000 to 1.92 million (6.1%) in the three months leading to November 2008. [67] The British economy only grew 0.7% in 2008, the weakest growth since 1992. [68]
The UK economy is on track to shrink by 1.3% in 2023 amid a recession which is set to last until the end of next year, according to a new economic forecast.