AndThis number is the same as the first number issued last February, when it was confirmed that the United Kingdom would enter a technical recession at the end of 2023, after two consecutive quarters of economic contraction.
According to ONS head of statistics Liz McKeown, the updated GDP figures show there has been no change in quarterly growth and show that household savings remain high “with incomes increasing in the final quarter of last year”. year”.
British Finance Minister Jeremy Hunt admitted that last year “was difficult because interest rates had to be raised to reduce inflation,” but it can be seen that the government’s plan is successful.
He added, “Inflation fell decisively from more than 11% to 3.4%, the economy grew in January, and real wages rose for eight consecutive months.”
The Bank of England is keeping interest rates at high levels as a way to control inflation, which fell to 3.4% in the 12 months to last February, compared to 4% in January this year.
The bank expects inflation to be slightly below its 2% target in the second quarter of 2024.
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Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
