Sky's Ian King says figures have confirmed the country's longest spell of economic stagnation since World War Two is not over yet, with a myriad of challenges facing whoever wins next month's election.
Forget this week's minor decrease in the UK inflation number. The most important European data release was the confirmation from Germany that, during 2024, its economy contracted for the second consecutive year. Europe's largest economy shrank by 0.2% during 2024 - on top of a 0.3% contraction in 2023. Now it must be stressed that this was a very early estimate from Germany's Federal Statistics Office and that the numbers may be revised higher in due course.
Consumers have kept their purse strings closed amid the economic uncertainty while a fall in house prices has further depressed sentiment. While home ownership is lower in Germany than many other OECD countries, those Germans who do own their own homes have a bigger proportion of their household wealth tied up in bricks and mortar than most of their OECD counterparts, including the property-crazy British. Consumer sentiment has also been hit by waves of lay-offs.
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