Households will not feel the pressure on their finances alleviate despite the fact that the UK “narrowly avoided” a technical recession this month, think tank NIESRorg has warned
, said the data proved the resilience of the UK economy, adding that it was the fastest growing in the G7 group of rich nations last year. UK GDP remains 0.8 per cent lower than its pre-pandemic peak in 2019, whereas other countries – such as the US – have enjoyed significant growth.
It found a mix of strikes, decreasing vaccination activity, the Premier League’s winter break, and cost-cutting from clients facing squeezed budgets had cut into productivity.
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