There were hopes that 2024 would be a good year. Economists talked of a soft landing, by which they meant a solid rebound from last year’s high-inflation, high-interest shock. A drop in inflation would spark cuts to the cost of borrowing while trade expanded, unemployment stayed low, and household disposable incomes increased.
This cheerful scenario was going to be played out across Europe and allow the EU and UK to pursue many of the goals, not least tackling climate change, that were delayed as ministers sought to protect business and household finances from the fallout from the pandemic and the Ukraine war.
