Economic update: Gloomy economic context to the Autumn Statement
Amid low growth and high inflation, unemployment is rising and there is concern that continued high interest rates might cause trouble for households with debt.

Amid low growth and high inflation, unemployment is rising and there is concern that continued high interest rates might cause trouble for households with debt.
The Bank of England left interest rates unchanged at 5.25%. Falling inflation and low economic growth might mean interest rates will not need to increase further.
GDP grew this summer but high rates of core and services inflation are leading to higher interest rates.
Insight
Concerns remain over the effects of earnings growth and a tight labour market on inflation. Government debt exceeded 100% of GDP for the first time since 1961.
Insight
As businesses and customers continue to worry about low growth and high prices, how close is the economy to meeting the Prime Minister’s pledges for 2023?
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The overall inflation rate is slowly falling due to changes in energy prices, but underlying inflation is rising.
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Economic growth remains low and inflation remains high; however, economic inactivity has fallen, and business activity and sales have increased.
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Economic inactivity has been increasing in the UK. This Insight discusses why young people may not be entering the workforce after leaving education.
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On 15 March 2023 the Chancellor presented plans for the economy, including taxation and spending, in the Budget. What happens during and after the Budget?
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Economic inactivity has been increasing in the UK. This Insight discusses why older workers may have left the workforce and whether they might return to work.
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Economic inactivity has been increasing in the UK. This Insight discusses how people leaving the workforce because of ill-health affects economic inactivity.
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Inflation seems to have peaked and there have been positive economic developments ahead of the Spring Budget
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The UK economy is barely any larger now than it was just before the pandemic.
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How could the Chancellor’s fiscal statement, or “mini-Budget”, affect rising inflation?
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With inflation over 10% in July, interest rates are at their highest since 2009.
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