The current state of the UK economy.
According to KPMG the UK entered a recession in the third quarter of 2022, which could last until the end of 2023. Public sector borrowing surpassed £27bn in December 2022, reaching its highest level since records began in the early 1990s and the OBR has warned Chancellor Jeremy Hunt to expect a bleaker economic future with revised growth forecasts down by between 0.2 and 0.5 per cent. The OBR figures suggest that the prospects for medium-term economic growth will actually be worse than they were in November 2022. In short, a longer recession and a weaker recovery.
And according to the International Monetary Fund, the UK is on course to be the only major economy to shrink this year owing to Jeremy Hunt’s tax raid and higher borrowing costs.
What does this mean for those running businesses in the east of England?
Find out about the state of the economy in the east of England at our February 2023 biz4Biz ConneXions event. We have lined up three experts who will give their views on the state of the economy, business finance and the outlook for business in the east of England.