A thinktank has warned today’s recession news is worse than it looks – despite some optimism from officials.
James Smith, research director at the Resolution Foundation, said growth data was being impacted by the UK’s growing population.
“Britain has fallen into recession, and a far deeper living standards downturn. Even this weak data is flattered by a rising population,” he said.
“After accounting for population growth, the UK economy hasn’t grown since early 2022, and fallen far behind its pre-cost-of-living crisis path, with an equivalent loss of around £1,500 per person.”
He warned the UK remains a “stagnation nation” with “precious few signs of a recovery that will get the economy out of it”.
Leave a Reply