Lower-than-expected output at the end of 2023 meant the UK economy experienced a technical recession in the second half of last year, the Office for National Statistics has said.
Depressed investment and slower economic growth caused by Brexit have wiped £140bn off the UK economy compared with if the country stayed in the European Union, researchers have claimed.
Ratings agency Fitch has raised its outlook on the UK after its better-than-anticipated response to the ongoing challenge of Covid-19 since the start of the year.
The UK economy shrank by 1.5% in the first three months of this year, although GDP started to recover as Covid-19 restrictions were eased, according to the Office for National Statistics.
The UK’s economic recovery from Covid-19 will begin later than previously expected, but will provide accelerated growth in the coming years, according to ratings agency Standard and Poor’s.
