Jump to content
Join the Unexplained Mysteries community today! It's free and setting up an account only takes a moment.
- Sign In or Create Account -

UK recession confirmed and inflation up too in double blow to economy (Daily Mail)


pellinore

Recommended Posts

Britain's economy looks set for a double setback this week – with figures expected to confirm a recession at the end of last year and a rise in inflation at the beginning of 2024.

That would deliver a blow to ministers' hopes of reviving growth and bringing the cost of living squeeze to an end as the election nears.

Office for National Statistics figures, which will be published on Wednesday, are expected to show that inflation rose to 4.2 per cent in January as energy bills climbed, up from 4 per cent in December. 

Separate ONS data on Thursday is predicted to show that GDP shrank by 0.1 per cent in the fourth quarter of last year after a tough December of poor retail sales, public sector strikes and miserable weather.

Recession set to be confirmed and inflation up too in double blow to economy (msn.com)

Edited by pellinore
Link to comment
Share on other sites

 

So the bank of England, run by a bunch of useless robots, will put up interest rates again, causing further recession and further inflation ....  

Link to comment
Share on other sites

5 hours ago, Essan said:

So the bank of England, run by a bunch of useless robots, will put up interest rates again, causing further recession and further inflation ....  

The bank of England governor is a waste of space but I don't see interest rates going back up. 

The markets have 3, 1/4 point rate cuts priced in this year. I think that might be too many but the direction will be hold then down.

 

 

Link to comment
Share on other sites

"Office for National Statistics figures, which will be published on Wednesday, are expected to show that inflation rose to 4.2 per cent in January as energy bills climbed, up from 4 per cent in December. "

The above ^ prediction was shot down this morning. 😉

 "LONDON, Feb 14 (Reuters) - British inflation unexpectedly held steady at 4.0% in January, defying forecasts of a rise, official data showed, offering relief for the Bank of England (BoE) and Prime Minister Rishi Sunak too ahead of a national election expected this year.

Economists polled by Reuters had expected an increase in the annual rate to 4.2%.

Consumer price inflation - which surged as high as a 11.1% in October 2022 - is expected to fall further in the coming months, paving the way for the BoE to start cutting borrowing costs from their 16-year high."

https://www.reuters.com/world/uk/uk-inflation-unchanged-4-january-2024-02-14/

Other news on the economy - 

UK Unemployment Rate drops to 3.8% in quarter to December vs. 4.0% expected

"Average Earnings excluding Bonus in the UK rose 6.2% 3M YoY in December versus November’s 6.7% increase, beating the market expectations of a 6.0% growth."

https://www.fxstreet.com/news/uk-unemployment-rate-drops-to-38-in-quarter-to-december-vs-40-expected-202402130703

  • Like 1
Link to comment
Share on other sites

1 hour ago, L.A.T.1961 said:

"Office for National Statistics figures, which will be published on Wednesday, are expected to show that inflation rose to 4.2 per cent in January as energy bills climbed, up from 4 per cent in December. "

The above ^ prediction was shot down this morning. 😉

 "LONDON, Feb 14 (Reuters) - British inflation unexpectedly held steady at 4.0% in January, defying forecasts of a rise, official data showed, offering relief for the Bank of England (BoE) and Prime Minister Rishi Sunak too ahead of a national election expected this year.

Economists polled by Reuters had expected an increase in the annual rate to 4.2%.

Consumer price inflation - which surged as high as a 11.1% in October 2022 - is expected to fall further in the coming months, paving the way for the BoE to start cutting borrowing costs from their 16-year high."

https://www.reuters.com/world/uk/uk-inflation-unchanged-4-january-2024-02-14/

Other news on the economy - 

UK Unemployment Rate drops to 3.8% in quarter to December vs. 4.0% expected

"Average Earnings excluding Bonus in the UK rose 6.2% 3M YoY in December versus November’s 6.7% increase, beating the market expectations of a 6.0% growth."

https://www.fxstreet.com/news/uk-unemployment-rate-drops-to-38-in-quarter-to-december-vs-40-expected-202402130703

It's also looking likely that inflation will drop further to 2% in a couple of months, markedly below the EU. 

So glad we got out.

I bet many countries wish they'd not been stuck with the euro, no way to take the steam out the market. Glad we stayed out.

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.