Britain the only G7 economy forecast to shrink in 2023

Business / Tue 31st Jan 2023 at 07:20am

BRITAIN is expected to be the only major industrialised country to see its economy shrink this year after the impact of Liz Truss’s brief premiership prompted a sharp growth downgrade from the International Monetary Fund reports The Guardian.

Adding to growing political pressure on Rishi Sunak after the sacking of the Conservative party chair Nadhim Zahawi, the Washington-based IMF warned on Tuesday it expected the UK economy to contract by 0.6% this year – 0.9 percentage points worse than it had pencilled in just three months ago and slower even than sanctions-hit Russia.

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6 Comments for Britain the only G7 economy forecast to shrink in 2023:

2023-01-31 08:19:28

What do you expect from these corrupt tories.harlow voted these pricks in so don't want to hear anyone winge about it.

2023-01-31 09:32:09

What can be expected we have >50% of people taking out more than they contribute, the highest tax levels ever which destroy peoples ability to take risks and employ. We have 5.7 Million public sector employees some provide a vital service most providing nothing but obstruction and a tick box culture these jobs are design to mask our declining industrial output. We have net zero insanity which is making us all poorer and most people think thier political team will make a difference - they will not team red or blue are both the same with globalist policies which ultimately want to make your life more difficult and controlled while they themselves jet around the world. Inflation is not what they tell you it is either it is the inflation of the monetary base, so there is more money this appears as price increases (that is the side effect) the inflation we are seeing is due to the government actions in lock down when it printed billions. Ultimately people are going to have to take less from the state, stand on thier own two feet, we need to have much lower taxation and the public sector needs to be shrunk significantly there are 400+ government departments many of these need to go. We need to get back to making things in the UK and having faith hope and a belief in a better future all politicians of any side offer is a manage decline because they are to bought in to narratives. Oddly Liz Truss was on the right path though it was badly signalled which is why there was the coup to install Rishi. You might think me bonkers but look around and ask if any thing a politician has done has made life for us easier these last 30 years.

2023-01-31 09:47:54

Trust the left wing Guardian to release this story on the 3rd anniversary of BREXIT. Remember that the word used is forecast and we all know that forecasts are all to often very wrong. To many prominent and powerful people and organizations trying to convince everyone to rejoin the corrupt EU.

2023-01-31 12:47:02

Last month my company paid out 48k in wages, it also paid HMRC 47k in respect to the wages. This is why we are not growing our economy, the governments takes too much of everyone’s money, if you are working. We are paying nearly 50% of GDP in tax, this is simply not sustainable. Communist countries do not take this much from their people. Sadly nothing will change either as too many people are not educated in the important subject of basic finance. As taxes rise, people who we need, move out of the country leaving a ever shrinking group of people to carry the burden, and so the cycle continues. I personally know of young well educated people who find themselves looking for jobs abroad as too much of their wages go in tax in the uk. They are very surprised by the increase in tax when their wages travel through the 50-100k range, so they start looking for jobs abroad. If people do not see the rewards of their hard work then they will either move somewhere that treats them better or they will stop working hard, both of which are bad news for the UK.

Iain Lindsay
2023-01-31 13:50:04

Adam is correct in what he says about Truss and Kwarteng. They were advocating the Laffer Curve Theory that Reagan and Thatcher used to good effect in the 80s to drag the world out of recession. Cut taxes and give people more money to spend and they will spend it, increasing the government's tax receipts. The problem was they rushed it through without the OBR data and spooked the stock market bookmakers.

David Forman
2023-02-01 14:29:44

The key advantage of being outside the European Union is that our government can provide State Aid to ailing industries or kick-start new ones. Also, government and local authority procurement rules can favour British suppliers, something prohibited under the EU's Public Procurement Directive. Finally, we are no longer bound by the judgements of the European Courts of Justice which have greatly favoured the rights of businesses to the detriment of workers and their trade unions. The Viking, Laval, Ruffert and Luxembourg judgements prove their business centred philosophy.

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