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But we saved everything 🙂.
UK economic activity recorded no growth in January.
John Redwood notes that this outcome is unsurprising, attributing the stagnation to net zero bans, rising taxes, and excessive government borrowing, which he says have kept bond interest rates above their 2022 peak.
Redwood’s assessment of stagnant growth comes amid heightened fiscal pressures, highlighting the persistent impact of higher petrol taxes as oil prices surge—a challenge he previously addressed in his analysis of the UK’s response to rising fuel costs. Concerns over global energy instability, such as recent Israeli attacks on Iran oil facilities, underscore the interconnected risks affecting both inflation and domestic economic momentum.