Has the chancellor done enough to save the UK from recession?

UK Chancellor Rishi Sunak announced a new package last week to ease the cost of living crisis. John Stepek explains whether the risk of a UK recession still remains.

Sunak
The UK is a consumer-driven economy.
(Image credit: © Getty)

This time last year, things were looking good for the UK.

Inflation was rising but was still deemed “transitory” by a complacent Bank of England. Growth was recovering. The labour market was strong, and the pandemic (with hindsight) was well past its peak.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.