Britain’s economy has narrowly avoided recession, official data showed Friday, but finance minister Jeremy Hunt warned it was “not out of the woods yet” over surging inflation. Overall, the UK economy expanded 4.1 percent last year after growth of 7.4 percent in 2021, the ONS added in a statement. – Soaring inflation –UK inflation slowed to 10.5 percent in December — still around 40-year highs and more than five times the BoE’s official target-level of two percent. Recession still looms — the BoE last week said the UK economy would shrink in every quarter of 2023. “We suspect the drags from high inflation and high interest rates will trigger a recession this year,” Capital Economics analyst Paul Dales said Friday.
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