Amidst recent economic data demonstrating a challenging landscape, the UK economy finds itself navigating through uncertain waters. Official figures released by Reuters last week confirmed that the UK economy slipped into a shallow recession last year, with gross domestic product ("GDP") contracting by 0.1% in the second quarter last year and 0.3% in the final quarter of 2023. Although unchanged from preliminary estimates, these numbers underscore the fragile state of the economy.

The weak starting point for GDP growth in 2024 suggests that the pace of recovery may be modest, with forecasts indicating growth limited to less than 1% for the calendar year. Structural headwinds are expected to constrain growth, prompting concerns that prolonged high-interest rates could exacerbate risks to the economy...

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Big Technologies, James Halstead and YouGov

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