IEA Economics Fellow Julian Jessop commented on GDP figures for January 2023
Any growth is welcome, but the 0.3 per cent increase in economic activity in January is little to cheer. The rebound failed to reverse the 0.5 per cent fall in December, meaning that output is still lower than it was in October or November.
The UK economy remains on the edge of recession with the full impact of last year's interest rate hikes yet to be felt. The Chancellor should use all of his fiscal firepower in next week's Budget to support households and businesses, rather than snuff out the recovery with more tax increases.
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