I am very out of the loop with economy and politics but the economic crisis is slowly taking its toll and I wondered what the likelihood of seeing the end soon is.
Is this like the ’08 recession even though we aren’t technically in a recession? What difference does it make being in a recession and not?
Is it ever likely to get better? If so, realistically, when?
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The UK economy is expected to shrink by 0.6% in 2023 due to high energy prices, rising mortgage costs, increased taxes, and worker shortages. This is in contrast to the growth seen in 2022 when the UK had one of the strongest growth rates in Europe. The shrinkage could lead to companies making less money and higher unemployment rates. The IMF predicts growth for the UK in 2024, but the economic environment has worsened after September’s mini-budget due to tax and interest rate rises. Despite short-term challenges, the UK is still predicted to grow faster than Germany and Japan in the coming years if they stick to their plan to halve inflation.
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