Posted 12/29/2023, 4:12:38 AM
UK Avoids Recession But Struggles With Inflation and Migration Surge in 2022
- The UK economy did not fall into recession as expected, but growth was negligible
- Inflation fell faster than forecast, ending the year at 3.9%
- Interest rates rose higher than anticipated early in the year, peaking at 5.25% before falling
- The tax burden continued to rise, heading towards the highest level since the 1940s
- Net migration hit a record high of 745,000 in 2022, primarily driven by new post-Brexit immigration rules
