The British economy did not grow or contract during the last three months of 2022, narrowly avoiding a recession.
However, the economy is still in a tight spot due to soaring inflation, borrowing costs, and energy bills contributing to the most severe cost-of-living crisis the country has ever seen.
Chancellor of the Exchequer Jeremy Hunt claimed that the latest figures showed that the UK economy was "more resilient than many feared," citing the absence of a recession.
The National Institute of Economic and Social Research (NIESR) warns that the British populace will experience a recessionary economic environment in 2023 regardless of data.
In additional details, The Independent reports that the GDP of the British economy did not achieve growth in the last three months of 2022, offering little assistance for an anticipated seven million households that would struggle with paying bills.
The report indicates a lack of progress in the economy, leaving it in a precarious position.
In contrast, Politico reports that Chancellor of the Exchequer Jeremy Hunt has made a statement, emphasising that the new figures prove the economy's resilience, negating many people's worst fears.
However, aside from the technical definition of a recession, the outlook for the year ahead remains somber, according to NIESR.
In general, this indicates a mixed picture of the state of the British economy, which neither contracted nor grew in the final quarter of 2022, providing an optimistic outlook on recessionary metrics.
However, David Blanchflower, a former Bank of England monetary policy committee member told The Guardian, "It would not surprise [him] to see [the economy] go into reverse in the first quarter of 2023," due to the severe actuality of a cost-of-living crisis in the United Kingdom.
Nonetheless, aided by their assessment methodology,The Office for National Statistics (ONS) disagrees, providing satisfaction to the broader British economy.