Five charts explaining the UK’s economic prospects in 2024

As we enter an election year, how will the effects of inflation, weak GDP growth, unemployment, tax cuts and rising housing costs sway voters' intentions?

The UK is entering an election year with the economy struggling to grow as households and businesses come under pressure from rising borrowing costs, higher taxes and elevated living expenses.

Rishi Sunak is expected to send voters to the polls in 2024 having declared victory on his primary economic target to halve inflation in 2023. However, the Bank of England has warned the UK is facing a 50-50 chance of a recession, while living standards are on track to be lower at the end of the parliament than they were at the start of it for the first time on record.