13 Jan 2023
Data published by the Office for National Statistics (ONS) has revealed that the UK economy unexpectedly grew in November 2022.
The data showed that Gross Domestic Product (GDP) rose by 0.1%: the ONS stated that this was partly due to the football World Cup and the number of people frequenting pubs and restaurants to watch matches.
However, the ONS also revealed that the economy shrank by 0.3% in the three months to November. Experts had previously expected the economy to contract.
Commenting on the data, Alpesh Paleja, Lead Economist at the Confederation of British Industry (CBI), said: 'While the economy performed better than expected in November, the data can't mask the underlining problems in the UK economy. High inflation is severely impacting household budgets and businesses are facing intense cost pressures. As a result, consumer spending and investment plans are weakening.
'The question for the government now is not whether we will fall into recession, but how long and deep the recession will be. If we want to curb the extent of a downturn, then the Prime Minister and the Chancellor need to stay alive to enacting pro-growth measures.'