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IEA - Chancellor must avoid growth-killing tax hikes

IEA Economics Fellow Julian Jessop commented on GDP figures for January 2023

“Any growth is welcome, but the 0.3 per cent increase in economic activity in January is little to cheer. The rebound failed to reverse the 0.5 per cent fall in December, meaning that output is still lower than it was in October or November.

“The UK economy remains on the edge of recession with the full impact of last year’s interest rate hikes yet to be felt. The Chancellor should use all of his fiscal firepower in next week’s Budget to support households and businesses, rather than snuff out the recovery with more tax increases.”

IEA spokespeople are available for live and pre-recorded broadcast

Contact: / 07763 365520

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.

GDP monthly estimate, UK: January 2023

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