16th June
The UK economy continues to grow incredibly slowly, and the latest government data shows people are generally feeling less happy than they were a year ago. As the country hits the 18th month in which inflation outstrips pay growth, the cumulative effects of the cost of living crisis are becoming harder for many people to manage. Charities’ support remains important for many.
Yet the past quarter has been one of tentatively improving news about the economy. Two years ago, 'inflation rate hits 8.7%' would have been a dramatic news headline, but the latest data showing inflation returning to single digits is now a reason for quiet optimism about the long-term. Energy prices have begun to fall, for the first time since October 2020.Meanwhile, there are fewer people ‘economically inactive’ (meaning they are out of work, but not actively looking for work either) than there were last summer, though there are still record high numbers of people who are economically inactive due to ill health. Nonetheless, this is good news for employers struggling to recruit new staff members.
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