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Amidst challenges faced by Prime Minister Rishi Sunak, Britain experienced an economic downturn in the latter half of 2023, coinciding with upcoming elections expected in the latter part of this year. This recession aligns Britain with Japan within the Group of Seven advanced economies, although it is projected to be brief and relatively mild compared to historical standards.
The UK economy grew at double the pace expected in the fourth quarter, capping a year that delivered the worst slump since 1709. Gross domestic product rose 1 per cent from the third quarter, fuelled by a boom in construction and government spending. That averted the risk of a second recession early this year but left a 9.9 per cent contraction for the whole of 2020, the biggest slump since a Great Frost killed crops across Europe. The figures add weight to the Bank of England’s view that growth is set to surge as Prime Minister Boris Johnson’s campaign to vaccinate the population takes h...