The UK economy flatlined in February as widespread industrial action and persistently high inflation stymied activity. Data on Thursday showed a steady GDP in February, missing consensus expectations of 0.1% growth. Large-scale strike action has been carried out in recent months by teachers, doctors, civil servants and rail workers, among others — members of the sectors that were the largest contributors to the fall in February services output. This follows an upwardly revised 0.4% expansion in GDP in January, which means output grew by 0.1% in the three months to the end of February. Nevertheless, the UK's fiscal position remains precarious and economists by and large do not share Finance Minister Jeremy Hunt's bullishness. In its World Economic Outlook, the International Monetary Fund projects the UK GDP will shrink by 0.3% in 2023, making it the worst performer in a G-20 (Group of Twenty) that includes war-waging Russia.

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