UK Slips into Technical Recession as GDP Falls for Second Straight Quarter; Weak Growth Seen in 2023

UK economy contracted 0.3% in Q4 2022, marking two successive quarters of negative GDP growth and confirming a technical recession
Early 2023 GDP estimates show a meager 0.1% rise compared to 2022, the weakest annual change since 2009 financial crisis
Attention shifts to pre-election Spring Statement on March 6th where tax cuts are anticipated to help soften economic blow
Pound sterling eased further vs USD and JPY following gloomy GDP data, while FTSE 100 opened higher buoyed by weaker pound
Bank of England unlikely to cut rates soon due to lingering concerns over services inflation and wage growth