In the headlines
The UK will perform worse than every other major economy this year, including Russia, according to the IMF. GDP is expected to contract by 0.6% in 2023, due to high energy prices, rising mortgage costs and increased taxes. Britain is the only one of the 30 nations included in the forecast not expected to grow. Joe Biden has ruled out sending American F-16 fighter jets to Ukraine, despite repeated requests from Kyiv. Germany’s Olaf Scholz has taken a similar stance, says the FT, but France has “signalled openness” to shipping over some of its home-grown Mirage warplanes. Shoppers are swapping expensive loo roll for “bog-standard” supermarket brands, says the Daily Star. Sales of premium paper fell 4.1% last year because of the cost-of-living crisis. “We’ve really hit the skids.”