Inflation has jumped, the economy has stagnated and consumer confidence surveys are deeply downbeat, marking a tough conclusion to the year in Britain.
Labour's first budget included larger-than-expected spending and investment plans, offering some stimulus to the economy, but also raised taxes on businesses.
The Bank of England decided to hold interest rates at 4.75 percent, as inflation accelerated to 2.6 percent in November, moving further from the bank's target.
Andrew Bailey, the governor of the Bank of England, stated that a gradual approach to future interest rate cuts remains right amidst heightened economic uncertainty.
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