New numbers show that the UK economy barely stayed out of a recession in 2022. From October to December, the economy didn’t grow at all.

Even though the economy dropped sharply by 0.5% in December, partly because of strikes, the Office for National Statistics (ONS) said this was still true.

Chancellor Jeremy Hunt said that the numbers showed “underlying resilience,” but that “we are not out of the woods.”

The Bank of England still thinks that the UK will go into a recession this year.

But they think it will be shorter and better than they thought before.

The Bank of England is the main bank in the UK. Because managing the economy is so important, the BBC said what it thought.

One way it does this is by changing interest rates. So, it has recently been raising rates to keep up with the rising cost of living.

When the BBC asked Mr. Hunt about the government’s position, he said that high inflation is still a problem that hurts families all over the country.

The rate at which prices are going up (inflation) is going down, but at 10.5%, it is still close to a 40-year high.

The Office for National Statistics (ONS), which released the economic output numbers, said there was no growth in the quarter of 2022.

This is the first guess for the period; numbers are often changed later.

The ONS changed its numbers for the July-September quarter on Friday. Instead of a 0.3% drop, the economy shrank by 0.2%, less than what was thought…Read More

Source — San Francisco Post