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UK grows 0.1% in first quarter

Living standards in the UK showed a continued decline with household incomes falling 0.9%

30 June 2023

No changes to the final GDP reading for the UK in Q1 of this year. Estimates were for a rather anaemic 0.1% growth rate and that is what was delivered. Hardly inspiring but a silver lining nonetheless for the government that the economy has dodged a winter recession, but it seems a temporary reprieve. The bad news for the Tories is that living standards in the UK showed a continued decline with household incomes falling 0.9% as the impact of rate hikes are starting to be felt. It looks increasingly unlikely that the economic landscape for the next general election will be supportive for Prime Minister Rishi Sunak as interest rate hikes continue to bite into economic activity and people’s wallets.

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Charles Hepworth

Investment Director
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