which suggests the economy will shrink by 0.6%. that s a sharp downgrade from an earlier prediction, although they do say the uk is now on the right track . the chancellor, jeremy hunt, said the uk had outperformed many forecasts last year. here s our economics correspondent, andy verity. british workers don t need a washington financial institution to tell them that rocketing prices for energy and food are making them poorer and the economy weaker. that is true the world over. economists at the imf forecast our economy will be worse hit than others this year, the only one among 15 advanced economies to shrink. that is partly because the government is doing less than other countries to shield households from high wholesale gas prices, so we will pay higher energy bills. we have a very challenging environment in the united kingdom, an energy crisis that is very strong and in a country that has a high dependence on liquid natural gas and a high pass through of the wholesale price to the
the account balance is definitely a bit lower after buying a whole load of groceries and stuff but you just get on with it. it s something you have to get on with, unfortunately. everything seems to be going up so it isjust another part of it, i think. this year is going to be probably a year of stagnant growth. that is really bad after a long period of very poor growth growth. we should be recovering quickly after covid. we are not. most households are going to be worst off over the period of this year, but it is going to look confusing because i think on thursday the bank of england is going to say things are better than they thought they were in the autumn, still not good at all, but better than they thought they were in the autumn. the government pointed to imf comments that the government s policy was on the right track , with the uk forecast to grow faster thanjapan or germany in the coming years. some economists on the bank of england s monetary policy committee already think
the princess of wales says her new campaign on early years development will be her life s work . the eurovision song contest arrives in liverpool as the official handover takes place in liverpool today with united in music as this year s slogan. good afternoon, welcome to bbc news. the uk economy will perform worse than all other major advanced nations this year, including russia. that s according to the international monetary fund, which suggests the economy will shrink by 0.6%. that s a sharp downgrade from an earlier prediction, although they do say the uk is now on the right track . the chancellor, jeremy hunt,
is now on the right track . its report comes as the uk marks three years since it officially left the european union. joining me now is anand menon, professor of european politics and foreign affairs at king s college london and director of the uk in a changing europe think tank. thank you very much forjoining us. three years on from brexit and i m sure you remember where were and when you look at this projection and how much of it is linked to brexit in your review. in your review. relatively little, there s a lot in your review. relatively little, there s a lot going in your review. relatively little, there s a lot going on in your review. relatively little, there s a lot going on with - in your review. relatively little, there s a lot going on with the i in your review. relatively little, l there s a lot going on with the uk economy at the moment and the impact of rising energy prices and as you shared from the show, the tail end of covid i9 and restrictions on trade and lab
the autumn, still not good at all, but better than they thought they were in the autumn. the government pointed to imf comments that the government s policy was on the right track , with the uk forecast to grow faster thanjapan or germany in the coming years. some economists on the bank of england s monetary policy committee already think that raising interest rates again could hit the economic breaks too hard when we may already be in recession. tomorrow the committee will meet to decide its next move. a little earlier i spoke to our economics correspondent andy verity. i asked him whether the uk was suffering from global forces or domestic policies. last year we did relatively well, 4.1% growth, better than other countries, but this year the imf says we will do worse. the reason is we are more susceptible to high wholesale gas prices than other economies because we are not offering as big a cushion to households and firms as say the french are. this means when you get high wholesale