![]() ![]() "These revisions will compel the Office for Budget Responsibility to revise down further its estimates for future potential GDP," he said. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the figures suggested that the damage inflicted to the economy's ability to grow by COVID-19 and Brexit was even larger than previously thought. New British finance minister Kwasi Kwarteng last week published an economic plan that he said would spur growth by cutting taxes.īut investors responded by selling the pound and British government bonds. Separate data showed British house prices failed to rise in monthly terms for the first time since July 2021, a latest sign of the slowdown in the market caused by the cost-of-living squeeze and rising interest rates. UK suffers weakest recovery in G7 from COVID-19 pandemic
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