The year ahead: a balancing act of economic growth and inflation

By Veselina Coleman, TDX Group Advisory Services

2023 round-up - a challenging year dominated by cost-of-living pressures

The economic landscape in the UK in 2023 was dominated by cost of living pressures for British households and businesses. The UK post-pandemic recovery was further slowed down by a new crisis - skyrocketing fuel and energy prices caused by the war in Ukraine. The UK economy was on the brink of recessions for the best part of 2023 and is expected to finish the year with a modest growth of 0.5%. IMF predicts similarly subdued growth in 2024 of 0.7%, which will make the UK the worst performing G7 economy.

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