Rolling coverage of the latest economic and financial news, including the latest UK GDP report which is released at 7am GMT
Any relief if the UK has avoided recession at the end of last year will be short-lived, fears Adam Cole, chief currency strategist at RBC Europe.
Cole predicts the economy will shrink in the current quarter:
The monthly GDP outturns for October and November and December mean that the UK economy likely avoided a recession in calendar year 2022, if only just.
Relief is likely to be short lived, however. The January PMI surveys suggested that activity weakened at the beginning of Q1 2023 and we currently see GDP contracting by 0.3% q/q.
