UK Economy Grows in November, But Recession Risk Remains

Despite a 0.3% growth in November, high interest rates, cost-of-living squeeze, and December's strike action could still push the UK into a technical recession.

The UK economy grew by 0.3% in November, recovering from a 0.3% decline in October, largely due to retail as Christmas shopping got underway with Black Friday sales.
Despite the growth, the UK could still potentially slide into a technical recession if growth contracted in October-December for the second quarter running.
Economists warn that high interest rates and the cost-of-living squeeze could have constrained output in December, making the economy's situation precarious.
Strike action in December is also expected to have negatively impacted GDP at the end of 2023.
Chancellor Jeremy Hunt stated that while the growth in November is welcome, it will be slower as efforts to bring inflation back to its 2% target continue.