UK inflation will fall in 2023 but energy bills and taxes will rise as house prices drop. Happy new year | Larry Elliott

Britain's recession, however, will be relatively mild, although such forecasting is a mug's game

War in Europe. Political turmoil. A stagnant economy. Soaring energy bills. The highest inflation rate in more than four decades. Higher interest rates. That was the story of 2022. Truly, the year just gone was - in the words of the late queen - an annus horribilis.

So 2023 will have to go some to match its predecessor for drama. The bookies would, for example, give you relatively long odds on it being another year of three prime ministers and four chancellors of the exchequer.