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Highlights
- Britain is set to deal with one of the most terrible recessions and faintest revivals in the G7.
- The UK's gross domestic product is already declining, and it is expected to continue with the trend for the majority or even the whole of 2023.
- The households are set to deal with a further squeeze in their incomes amid rocketing borrowing costs and increasing food and fuel prices.
Over the coming year, Britain is set to deal with one of the most terrible recessions and faintest revivals in the G7, with the government's policy failures putting enormous pressure on citizens.
According to an annual survey of the top UK economies carried out by the Financial Times, the Bank of England would be compelled to maintain elevated interest rates, and the government would be forced to keep on with its tightened fiscal policy. This is because of the inflationary crisis triggered by the pandemic and the escalation of the Russia-Ukraine conflict continuing for a lengthier time in the UK than in other nations.
©2023 Krish Capital Pty. Ltd
Over four-fifth of the surveyed economists believe that the UK would be lagged behind its contemporaries, with its gross domestic product already declining and expected to continue with the trend for a majority or even the whole of 2023. The households, who have already been struggling with a spiralling cost of living crisis, are set to deal with a further squeeze in their incomes amid rocketing borrowing costs and increasing food and fuel prices.
Amid the fears of a prolonged recession and tumbling economic growth, UK investors can keep an eye on penny stocks, which are considered volatile but may potentially boost their long-term gains. Kalkine Media® here explores three penny stocks which investors can explore in 2023.
Borders and Southern Petroleum plc (LON:BOR)
The one-year return given by the UK-based business involved in oil and gas exploration, Borders & Southern Petroleum plc, stood at 261.97% as the market opened on Wednesday. Around 8:00 AM (GMT), BOR shares were trading at GBX 2.25. The YTD (year to date) return given by the company at the time stood at 9.63%. The AIM constituent had a market cap of £15.61 million.
Harvest Minerals Ltd (LON: HMI)
The one-year return given by the South America-based maker of organic fertilizers, Harvest Minerals Ltd, stood at 98.86% as the market opened on Wednesday. At around 8:00 AM (GMT), HMI shares were trading at GBX 8.75. The YTD return given by the company at the time stood at 3.55%. The AIM constituent had a market cap of £16.55 million, and its EPS stood at -0.02 at the time of writing.
Egdon Resources plc (LON:EDR)
The one-year return given by the independently functioning enterprise centered around oil and gas, Egdon Resources plc, stood at 80.01 as the market opened on Wednesday. At around 8:00 AM (GMT), EDR shares were trading at GBX 2.60. The YTD return given by the company at the time stood at 2.27%. The AIM constituent had a market cap of £14.14 million, and its EPS stood at -0.01 at the time of writing.
