The U.K. economy has performed quite poorly since the beginning of the pandemic, being one of the few advanced economies that has not surpassed its 2019 Gross Domestic Product (GDP) level yet.
To make matters worse, Q3 2022 growth was already slightly negative. And given the Bank of England’s (BoE) rapid rate hikes to stifle inflation, the economy is expected to contract further in Q4 2022 and throughout 2023.
The U.K. has, of course, not just suffered from the series of economic lockdowns early during the pandemic, but also the negative effects of Brexit. According to research from the