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The Office for National Statistics said GDP rose by a weaker-than forecast 0.8% in the first quarter after a 0.1% contraction in March.
With the economy at risk of contracting in the next quarter, it leaves the UK at close risk of two consecutive periods of negative growth – a scenario that meets the definition of a recession.
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.
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 ...
There was some discussion about the actual size of the UK's debt after it emerged the government had changed the way debt is calculated. On 10 November, the Progressive Economy Forum , a centre-left think tank, questioned the actual size of the "black hole" and whether tax rises and austerity measures would be needed to fill it.
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).
The period of fiscal year. The UK fiscal year ends on 5 April each year, while in the United States it begins on 1 October and ends on 30 September the following year. The person that the budget document begins with. In the UK, Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer.
Ms Selfin said that in its recession scenario, manufacturing and financial services could face the biggest hit over coming years, with manufacturing potentially falling by 2.8% in 2024 and output ...