UK’s NIESR cuts growth outlook for 2023, warns on living standards
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Britain will dodge recession this year but its people will face the after-effects of a severe fall in living standards caused by surging inflation, which will leave millions struggling to pay their bills, academic researchers forecast on Wednesday per Reuters.
“Britain’s National Institute for Economic and Social Research (NIESR) cut its forecast for gross domestic product growth this year to 0.2% from 0.7% in its last forecast in November, and sees growth of 1.0% in 2024, down from 1.7%,” reported Reuters.
The news also quotes NIESR Director Jagjit Chadha saying that the forecasts painted “an incredibly depressing picture”, particularly for living standards which are set to stagnate this year after falling sharply last year due to the surge in energy prices.
The news fails to tame the GBP/USD prices as the Cable pair defends the previous day’s rebound from the one-month low, mildly bid around 1.2060 at the latest.
Also read: GBP/USD appears optimistic on UK PM Sunak’s Cabinet reshuffle, mildly bid near 1.2050 amid mixed Fedspeak
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