STRIKE action pushed the economy to the brink of recession at the end of 2022.
Damaging walkouts by rail and postal staff contributed to a sharp fall in GDP in December.
Crippling strike action around the country contributed to a sharp fall in GDP in December
It meant the UK recorded zero growth for the last three months of the year, also partly owing to snow disruption.
It followed a 0.2 per cent drop in the previous quarter.
However, official figures showed growth of four per cent for the year as travel agents, restaurants and bars surged back following the pandemic.
Chancellor Jeremy Hunt insisted the economy was more resilient than many feared and was the fastest growing in the G7 in 2022.
He added: “However, we are not out the woods yet.
“If we stick to our plan to halve inflation this year, we can be confident of having among the best prospects for growth in Europe.”
Economist Dame DeAnne Julius agreed the UK had reached a likely turning point.
The National Institute of Economic and Social Research said recession would also be avoided this year, predicting 0.2 per cent of growth.
The International Monetary Fund, however, said the economy would shrink by 0.6 per cent.
Shadow Chancellor Rachel Reeves said: “Despite Britain’s great potential, our economy is stuck in the slow lane. We can be a leader in the industries of the future that will help grow our economy.”
Did you miss our previous article…
https://hellofaread.com/money/major-change-to-energy-suppliers-after-prepayment-meter-scandal-as-grant-shapps-warns-more-measures-to-be-introduced/
