UK 2023 STATS

Question 1

Annual Growth Rate

Answer 1

4.1% (2022)

Question 2

Quartile Growth Rate

Answer 2

0.1% (Q4 2022)

Question 3

Annual Growth Forecast

Answer 3

-0.2% (2023)

Question 4

GDP per Capita

Answer 4

£33,000

Question 5

Unemployment Rate

Answer 5

3.8%

Question 6

Economic Inactivity Rate and Why has this changed?

Answer 6

21.4% which has increased due to COVID leading to many people exiting the workforce

Question 7

Wage Growth

Answer 7

6.6%

Question 8

Inflation Rate

Answer 8

10.1%

Question 9

Expected Inflation

Answer 9

5.4% by end of 2023

Question 10

Food Price Inflation

Answer 10

19.1%

Question 11

Current Account Deficit

Answer 11

3.3% of GDP

Question 12

Productivity and Investment

Answer 12

Very Poor (Investment especially low since BREXIT)

Question 13

Exchange Rate

Answer 13

Weak £
£1 = $1.24

Question 14

Minimum Wage

Answer 14

£10.42/hour

Question 15

Budget Deficit

Answer 15

5.6% of GDP 2021-2022
6.1% of GDP 2022-2023

Question 16

National Debt

Answer 16

100%

Question 17

Bond Yield

Answer 17

3.46%

Question 18

Income Tax (more info)

Answer 18

0 - 12,570 = 0%
12,570 - 50,270 = 20%
50,270 - 150,000 = 40%
150,000+ = 45%

These are frozen until 2028 which will raise huge amounts of tax revenue due to fiscal drag.

Question 19

Corporation Tax

Answer 19

25% (Up from 19%)

Question 20

VAT

Answer 20

20%

Question 21

Gini Coefficient

Answer 21

0.343

Question 22

BoE Base Rate

Answer 22

4.25%

Question 23

Average Lending Rate

Answer 23

5.25%

Question 24

Bank Willingness to Lend

Answer 24

Good

Question 25

Consumer and Business Confidence

Answer 25

VERY LOW