Part 2/12:
The current outlook is compounded by alarmingly low productivity growth, which has lingered at dismal levels for the past 15 years and may be falling even further than existing statistics indicate. Additionally, the Bank of England's decision to maintain its already high interest rates compared to other advanced economies doesn't seem to be fostering growth. The latest quarter demonstrated the lowest growth rate, leading many firms to cut back on hiring in anticipation of increased minimum wage rates and rising national insurance taxes.