Weekly Digest – 21 February 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Energy bills set to fall by almost £300 a year to cheapest in two years

Bills are currently the highest they’ll be all year, according to a research firm, who say customers can expect lower energy costs for the rest of 2024.

Investment experts react to today’s ONS data showing UK in ‘technical’ recession

Data released by the ONS this morning has revealed that the UK has entered a ‘technical’ recession at the end of 2023. A technical recession is when an economy experiences two consecutive quarters of negative growth. Investment experts have been sharing their reaction to the news about the UK in recession.

UK inflation holds at 4.0% in relief for BoE and Sunak

British inflation unexpectedly held steady at 4.0% in January, defying forecasts of a rise, official data showed, offering relief for the Bank of England (BoE) and Prime Minister Rishi Sunak too ahead of a national election expected this year.

UK shoppers pick up their spending, signalling quick end to recession

British retail sales jumped by the most in almost three years in January as consumers recovered their appetite for spending, suggesting the economy could emerge quickly from its recession in the second half of last year.

Cost of living payment: When is it and who gets it?

Eight million people are receiving the final instalment of cost of living payments totalling £900. Around 700,000 families who receive tax credits and no other qualifying benefits will receive their £299 Cost of Living Payment from 16 February 2024, to help with everyday costs.

Record long-term sickness bodes ill for UK economic growth

Britain has a sick economy and it is getting sicker. The clear message from last week’s raft of economic data is that the UK is being held back by the growing number of people not able to work because of long-term illness.

Flexible After Fifty – New report from 50+ Choices Roundtable calls for greater flexible working support for people over 50

UK Government Business Champion for Older Workers, Andy Briggs, and leading employer organisations, say flexible working is key to keeping people aged over 50 in fulfilling work, which will in turn help the economy, businesses and individuals.

Signs of UK housing market recovery as price falls ease

The housing market is expected to stage a recovery in 2024 after average UK house prices fell by only £4,000 last year, according to official figures.

5 essential tips on becoming recession proof as UK economy drops

With the UK falling into a recession after soaring interest rates and rising living costs,  47% of Brits admitted they are heading into 2024 feeling worried about money. As 22% of Brits said that they avoided seeking financial advice from a professional, beginning the conversation with yourself can be a great launch point for getting to grips with your finances. With this in mind, financial experts at Lowell have shared five things to ask yourself to in order to start becoming recession proof.