Britain's economy unexpectedly ekes out some growth after a boost from World Cup drinkers and video game sales.
abc.net.au/news/world-cup-fans-boost-uk-economy-easing-recession-risk/101856598Britain's economy unexpectedly eked out some growth in November after a boost from World Cup drinkers and video game sales, reducing the chance that it has already slipped into recession.Consumer price inflation hit a 41-year high of 11.1 per cent, also in OctoberGross domestic product rose 0.
"With a fair wind, the UK may now avoid recession, though December was marked by widespread strikes and activity survey readings were weak," HSBC economist Liz Martins said.The ONS said economic output in November was 0.3 per cent lower than before the pandemic.Consumer price inflation hit a 41-year high of 11.1 per cent in October and living standards are undergoing their biggest squeeze in decades.
High inflation has led to a wave of strikes by workers in the public sector and rail industry seeking bigger pay rises. Investors expect the BoE to raise interest rates to 4 per cent from 3.5 per cent on February 2 as it seeks to stamp out underlying inflation pressures.Britain's large services sector was the best-performing part of the economy in November, with output up 0.2 per cent on the month despite widespread rail and postal strikes.
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