Britain’s economy has barely grown for 18 months. The level of activity today is pretty much the same as it was when Russia invaded Ukraine in February 2022 and gave an added boost to already strong inflationary pressure.
The sideways drift is noteworthy in itself. Economies don’t very often have prolonged periods when they operate at stall speed; they either bounce back or slip into recession. Not since the late 1950s has the UK experienced anything like its recent torpor.
