2023: A breakdown of the year in numbers

2023: A breakdown of the year in numbers

2023 what a year maybe not quite as exciting as 2022 of course remember the mini budget and all of that but let’s just look at some of the charts telling the story of quite an extraordinary year it’s worth just starting with growth GDP this is how far this is comes the level

Of growth in the UK economy and the Prime Minister said that he wanted to grow the economy that was one of his much vaunted pledges uh let’s look at what actually happen so to that to that line let’s say continue on it kind of is growth but not all that much growth

Basically only a few points of a percentage points and that’s you know it’s not necessarily A recession but it’s not quite as good as what we were seeing before so before the pandemic that’s where the trend Trend growth line was so we were heading in that direction

Instead we’ve gone there and there’s a big gap worse off as a country than we would have been potentially had that Trend continued and part of the explanation for that is the cost of living inflation this is showing you inflation going back a few years and you

Can see the big rise in inflation that we saw in 2022 up to kind of double digits levels that’s where it started the year uh the Prime Minister said again in this case another pledge he wants to Harve inflation did he Harve inflation well look it did come down to

3.9% so more than half whether he had anything to do with that is another question because really it’s the bank of England’s job to deal with inflation but nonetheless that is some good news however the cost of living crisis didn’t go away we are still paying 15% more

Than we were back then that’s the rate have changed but the absolute level of how much we’re paying for things that’s gone up an awful lot and it’s not coming down bank rate as well there’s another thing that’s gone up quite a lot most people think actually it’s going to come

Down so it’s a 5.25% economists think it will start to come down in the year partly because of inflation coming down and you can see that in this this is the fiveyear mortgage rate so the rate you’re actually paying for fiveyear fixed rate mortgages just look at that

Red line it is starting to get lower okay and that’s starting to improve things but so much higher than it was uh just a few years ago the tax burden now this is something the chancellor talked an awful lot about in particular saying that he wanted to to cut taxes did he do

That well he did cut a few taxes but look at this this is the overall level of Taxation in the UK going back a long way and that line there if we actually just draw a line kind of going back that’s the highest since 1948 so we are

Living in a higher tax economy uh under this government and that’s going to be interesting to see how that pounds out now finally in a sense perhaps the most important thing of all there was another one of those pledges wasn’t there about illegal migration so stop the boats this

Is probably more significant this is legal migration and the picture here we got updated numbers I’ll update those which showed that in 2022 net migration say the number of people coming in minus those going out was 745,000 that’s an extraordinary number and just to put it in historical perspective because this

Only goes back a few years just have a look at this okay this is going back to 1855 same thing net migration as a percentage of the population so we adjusting for that so it is comparable and that line I mean blindly we have never seen anything quite like that the

Highest M net migration we’ve ever seen after a few years of really high net migration and probably that is the chart that we’re still going to be talking about for many years to come

The prime minister promised to halve inflation and get the economy growing at the beginning of the year, but how did he do?

Our Economics and Data editor Ed Conway looks back at some of the key data from 2023 and analyses how the government fared.

#ukeconomy #inflation #costofliving

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