WARRINGTON’S economy is set to flatline as 2023 continues, one think tank has predicted.
The Centre for Economics and Business Research (Cebr) has estimated that Warrington’s economy will not grow at all in the last quarter of 2023.
According to the Cebr, the country entered a recession in the second half of 2022, but despite this, Warrington’s economy actually grew by one per cent between 2021 and 2022.
UK faces worst and longest recession in G7, say economists https://t.co/xW7dqnJgAY
— Financial Times (@FT) January 2, 2023
Although the town’s economy proved to be one of the most stable in the country – despite the town’s housing market growing the least in the north west – the think tank estimates that Warrington’s economy will flatline later in the year.
Research undertaken by the Cebr indicates that the UK will begin to recover from the recession in the second half of 2023, but it also predicts that Warrington’s economy will stagnate during this time.
Josie Dent, managing economist at Cebr, said: ”2023 will be a difficult year for consumers and businesses across Warrington, with the cost-of-living crisis expected to lead to falling economic activity.
“However, Cebr forecasts that economic growth will resume in the second half of 2023, with most cities expected to see an annual expansion by the fourth quarter of 2023.”
Charlotte Rees-John, partner and head of Irwin Mitchell’s Consumer sector, said: “Last year presented numerous challenges and the downward pressure on spending activity, which continues to be concentrated in the consumer sector, looks set to continue throughout the first half of 2023.
“The consumer sector has however been one of the most resilient, agile and innovative sectors in recent times and those businesses that succeed during 2023 will be in a very strong position to take advantage of a more stable economic environment in 2024.”
Despite Warrington’s economy remaining steady through 2022, it is set to flatline in 2023 (Image: Newsquest)
Charlotte added: “Considering longer-term aspirations, such as the transition to carbon net zero, is something all businesses, irrespective of the sector they are in and the pressures that they are facing, need to do.
“ESG is fast becoming a priority for the majority, particularly at a time when there is huge pressure and scrutiny from consumers and investors who are increasingly making their decisions based on ethical as well as financial factors.”
