Official data showed that the British economy shrank by 0.3% in the three months to December, less than expected, while the British economy also shrank by 0.1% between July and September, and the British economy entered a recession in the second half of 2023. The Central Bank said it expects the economy to pick up in 2024. However, sluggish economic growth will still make it difficult for British Prime Minister Rishi Sunak to try to win voters ahead of the national elections, which are expected to take place later in 2024. The Office for National Statistics (ONS) said economic output fell 0.1% month-on-month in December, following a 0.2% economic growth in November. Shortly after the release of the GDP data, the pound edged lower against the dollar and the euro.
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