Your January guide to the UK economy, giving you a monthly overview of the major trends impacting the UK's main business sectors.
No New Year cheer for the UK’s growth outlook
A fair amount of data has come out in recent weeks, adding to a raft of speculation regarding the outlook for the UK economy. GDP was revised down by 0.1% pts in Q3 to
-0.1% garnering much speculation regarding the risk of a technical recession should growth disappoint in Q4. The CBI’s latest survey data suggests that momentum improved in the three months to December, but nonetheless remained in negative territory. The improvement was led by consumer services and manufacturing, with retail’s December performance worsening on November’s. The narrative from companies around the UK from the CBI’s final round of quarterly regional council meetings in 2023 reiterated the weak growth story, albeit with pockets of strong demand in healthcare, management consulting and aerospace.
On the inflation front, official inflation data came in better than expected at 3.9%, driven down by most components of inflation, but particularly tra
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