UK Expected To Be Only Major Economy To Shrink In 2023  

The International Monetary Fund says the UK economy will shrink and perform worse than other advanced economies, including Russia, as the cost of living continues to hit households. <br />The IMF says the economy will contract by 0.6% in 2023, rather than grow slightly as previously predicted. <br />Chancellor Jeremy Hunt says the UK outperformed many forecasts last year however shadow chancellor Rachel Reeves says the figures showed the UK lagging behind its peers. <br />The IMF says it had downgraded its forecast for the UK because of its high energy prices, rising mortgage costs, and increased taxes, as well as persistent worker shortages.