LONDON - Britain's economy unexpectedly eked out some growth in November after a boost from World Cup drinkers and video game sales, reducing the chance that it has already slipped into recession, but the picture for 2023 remains gloomy. Gross domestic product rose 0.1 per cent from October, figures from the Office for National Statistics showed on Friday (Jan 13)...
LONDON - Britain's economy unexpectedly eked out some growth in November after a boost from World Cup drinkers and video game sales, reducing the chance that it has already slipped into recession, but the picture for 2023 remains gloomy.
The world's sixth-biggest economy shrank 0.3 per cent in the three months to the end of September, when output was hit by business closures to mark Queen Elizabeth's funeral. Consumer price inflation hit a 41-year high of 11.1 per cent in October and living standards are undergoing their biggest squeeze in decades. The government's budget watchdog forecast in November that output would fall by 1.4 per cent in 2023.
Finance minister Jeremy Hunt said "the most important help we can give is to stick to the plan to halve inflation this year so we get the economy growing again".
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