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JPMorgan expects smaller contraction in UK economy in 2023

FILE PHOTO: A JPMorgan logo is seen in New York City

(Reuters) - J.P.Morgan said the UK economy was expected to contract by 0.1% this year, revising it from the previously forecast 0.3% decline in the gross domestic product (GDP), buoyed by a recent drop in natural gas prices.

The UK government is likely to pull back plans to raise household energy bills to 3,000 pounds ($3,710.70) in April, which should help bring down inflation faster than expected, J.P.Morgan economists wrote in a research note on Thursday.

($1 = 0.8085 pounds)

(Reporting by Subhadeep Chakravarty in Bengaluru; Editing by Rashmi Aich)