BRITAIN'S economy narrowly avoided sliding into recession by the smallest of margins, official figures revealed today.
Although the Office for National Statistics said output in December fell by 0.5 per cent, the economy remained flat over the fourth quarter of 2022 thanks to positive figures for October and November.
That means it did not quite meet the technical definition of a recession - two consecutive quarters of negative growth. The economy shrank 0.2 per cent in the third quarter from July to September.
Chancellor Jeremy Hunt said the data showed the "underlying resilience of the UK economy" and highlighted the annual GDP growth of four per cent which he said made Britain the fastest growing advanced economy in the world.
But with energy bills and interest rates set to increase further this year, many economists predict the squeeze on household budgets will steer Britain into a recession in 2023. Mr Hunt acknowledged the UK is "not out the woods yet", adding that inflation, at 10.5 per cent in December, was still "much too high". He added: "That is causing pain for families up and down the country."
Shadow chancellor Rachel Reeves said Britain's economy is "stuck in the slow lane" and that "working people are paying the price".
This story is from the February 10, 2023 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 10, 2023 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Who is to blame for the lack of elite English managers?
Replacing Tuchel with a homegrown candidate will be no easy task
Who your club will sign and sell in the January market
Kolo Muani has more than one interested club in London, while there are big names unsettled and looking to move
The debt disaster threatening to leave Londoners without a drop to drink
Crisis-hit Thames Water could go under in days
Is 2025 the year of the first-time buyer?
This could be your best chance to buy a home in more than a decade here's where to look
Kick back in the Caribbean BodyHoliday, Saint Lucia
Green juices, beach workouts and supercharged facials: more and more of us are swapping piña coladas and indulgent food for a healthier, but no less glamorous, holiday.
Dishoom's Kavi Thakraron why Mumbai is his inspiration
The best street food, fantastic markets and bars where the hours just disappear...the restaurateur shares his guide
On the sauce - Adiamondis forever, after all
Double Diamond was supposedly Prince Philip’s favourite beer. He’s said to have enjoyed a bottle, nightly.
At the table - Queen of W1 expands empire with chic Italian
I understand it's not the done thing to compare restaurateurs to murderous mob bosses, given it's rude and, well, they're notoriously litigious. But when I think of Samyukta Nair, sometimes I hear Jack Nicholson's mutterings in The Departed, Martin Scorsese's Boston gangster flick. \"I don't want to be a product of my environment,\" Nichol- son says. \"I want my environment to be a product of me.\"
The Royal Academy's masterful show and mind-expanding surrealist paintings
Known for his intricate and stunning handmade tapestries, Siributr creates these vast hangings to explore his native Thailand past and present.
Review - Adrien Brody's power and depth shine in this colossal epic
The Brutalist, director Brady Corbet’s third feature, is a movie of such colossal size and scope it may well have been carved from marble; an epic paean to the immigrant experience in America in the wake of the Second World War.
