Chancellor Rachel Reeves acknowledged the challenge to fix the UK economy is "huge", emphasizing the need for a Budget focused on delivering sustainable long-term growth and enhancing household finances.
The CBI revealed that its latest survey indicates companies are preparing to "reduce both output and hiring" while also raising prices, indicating a downturn amid rising taxes.
According to ONS director Liz McKeown, "Real household disposable income per head showed no growth," highlighting the stagnant economic conditions affecting personal finances.
The Bank of England expressed concerns over the UK's economic performance, stating it downgraded its growth forecast due to the country experiencing no growth at all.
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