The UK avoided a recession in the second half of 2022 but new figures showed the economy essentially flatlined between October and December.
Unrounded figures from the Office for National Statistics (ONS) suggested 0.01% growth in the UK economy over that time, meaning the country did not see two consecutive quarters of declining gross domestic product (GDP) - the technical definition of a recession.
Chancellor Jeremy Hunt said the figures showed the UK economy was more resilient than many feared but admitted the country was “not out the woods”. Opposition politicians have criticised the Government’s handling of the economy while business groups have warned that tough times are ahead.
