The UK may have tipped into recession at the end of last year. The National Institute for Economic and Social Research (NIESR) last week estimated that GDP fell 0.1pc during the final quarter of 2023, as during the previous three months – with two successive quarters of contraction defining “recession”.
(Bloomberg) UK living standards will improve this year but the government needs to boost public investment significantly if it is to break out of a cycle of low growth, according to a leading think tank.Most Read from BloombergTrump Denied Immunity in DC Election Case by Appeals CourtXi to Discuss China Stocks With Regulators as Rescue Bets BuildWall Street Snubs China for India in a Historic Markets ShiftKing Charles Treated for Cancer in New Royal Health ScareTreasuries Rally Before Record
"Inflation, political churn, a global economy slowdown, oil shocks, strikes - there are a lot of nouns there that are resonant with the 1970s," NIESR director Jagjit Chadha said. "And there s the re-emergence of the British disease ," he added, referring to stagnant growth at a time of rising prices. British economic output is not on track to return to its pre-pandemic peak until late 2024, representing zero growth over a five-year period, NIESR predicted.