FOREIGN

UK Economy Appreciates By 0.3%

The United Kingdom (UK) economic output has expanded slightly faster than expected at the beginning of 2023, according to the Office for National Statistics.

UK’s gross domestic product (GDP) grew by 0.3% month on month in January, according to an ONS estimate, having shrunk by 0.5% in December.

The growth was led by the services sector, offsetting declines in construction and production output.

Finance minister Jeremy Hunt said on Friday that the British economy had been more resilient than many had expected, commenting on official data showing economic output rose 0.3% month-on-month in January.

“In the face of severe global challenges, the UK economy has proved more resilient than many expected, but there is a long way to go,” Hunt said in a statement.

Hunt said he will set out the next stage of the government’s plan to “halve inflation, reduce debt and grow the economy” during the spring budget next week.

An extra 356,000 UK mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind, according to the City regulator.

This has been reduced from a previous estimate made last September that an additional 570,000 mortgage borrowers could become financially stretched by the end of June 2024, the Financial Conduct Authority said.

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