With so many converging themes due to affect financial services in 2024 and Christmas and the end of 2023 approaching fast, it felt apt to give a list of our predictions for 2024. Why not, everyone is doing it!

As we say farewell to 2023 and welcome in 2024 it’s natural to reflect on what has been and muse over what may be coming down the road. Here are our best guesses for the year ahead.

1. The UK Economy

Laith Khalaf, head of investment analysis at AJ Bell shared: “Economic growth is forecast to be thin on the ground going forward, with growth of just 0.7% next year, rising to 1.4% the year after. The budget watchdog is actually pretty upbeat compared to the Bank of England, which sees growth coming in at 0.1% next year and 0.2% the year after. It remains to be seen which set of predictions prove to be correct, if either.”

Economies in the West did better than expected in 2023, but even if we manage to avoid a recession here in the UK, times are likely to remain tough for many consumers and businesses throughout 2024.

Avoiding a recession is going to be a tough ask but not impossible. Usually when an economic cycle starts with high inflation, the likelihood of a ‘soft landing’ diminishes, but stranger things have happened.

But according to data from FT, UK voters out there already think we are in a recession!

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