Britain's GDP contracted 0.3% in the last quarter of 2023. The decline in British GDP was the largest since 2021.
The British economy has been suffering from recession for nearly two years. The Bank of England expected it to recover slightly in 2024. British Finance Minister Jeremy Hunt said that there are signs that the British economy is at a turning point, and the plan must be adhered to by reducing taxes on work and companies to build a stronger economy. Media reports stated that Hunt seeks to cut billions of pounds sterling from public spending plans to finance tax cuts.