UK GDP Decline: A Disappointing Start to 2024 Budget
UK Faces Economic Setback as GDP Plummets, Complicating 2024 Budget Plans
The recent decline in the UK GDP has shocked economists and government officials alike as January 2024 opened with a disappointing 0.1% drop, defying expectations of a modest increase.This downturn casts a shadow over the UK economic outlook, putting immense pressure on the Labour government led by Prime Minister Keir Starmer and Chancellor Rachel Reeves, who are now tasked with addressing the critical issue of government budget cuts.