UK economy stagnates in February due to strikes and inflation.

The UK economy remained flat in February due to widespread industrial action and high inflation, with both the services and production sectors contracting. The country's fiscal position received a boost from falling gas prices, enabling the finance minister to announce further fiscal support in his Spring Budget. However, economists do not share his bullishness, particularly as the central bank continues to aggressively hike interest rates to rein in inflation, which unexpectedly jumped to an annual 10.4% in February. The IMF projected the UK GDP will shrink by 0.3% in 2023, making it the worst performer in a G-20 that includes war-waging Russia.