bonds to private investors, signalling the end to an era of easy borrowing. In October 2022 year-on-year CPI was at 11.1%, the worst for 41 years, food price inflation was 16.2%, gas prices 130% and electricity 66%. GDP was still lower than before the pandemic. The Organisation for Economic Co-operation and Development stated among the G20 group of leading nations only Russia would contract more than Britain in 2023. Weak performance is forecast to continue in 2024. OECD economist, Álvaro Pereira said the UK's poor performance was due to rising interest rates, government measures to reduce borrowing and debt, and market disturbence during the Premiership of Liz Truss. The Office for National Statistics stated the UK economy shrank 0.3% during the three months to September 2022. The UK GDP is thought to be 0.8% lower in the third quarter of 2022 than in the last three months of 2019. Economic charts Government spending and economic management Government involvement in the economy is primarily exercised by HM Treasury, headed by the Chancellor of the Exchequer. In recent years, the UK economy has been managed in accordance with principles of market liberalisation and low taxation and regulation. Since 1997, the Bank of England's Monetary Policy Committee, headed by the Governor of the Bank of England, has been responsible for setting interest rates at the level necessary to achieve the overall inflation target for the economy that is set by the Chancellor each year. The Scottish Government, subject to the approval of the Scottish Parliament, has the power to vary the basic rate of income tax payable in Scotland by plus or minus 3 pence in the pound, though this power has not yet been exercised. In the 20-year period from 1986/87 to 2006/07 government spending in the UK averaged around 40% of GDP. In July 2007, the UK had government debt at 35.5% of GDP. As a result of the 2007–2010 financial crisis and the late-2000s global recession, government spending increased to a historically high level of 48% of GDP in 2009–10, partly as a result of the cost of a series of bank bailouts. In terms of net government debt as a percentage of GDP, at the end of June 2014 public sector net debt excluding financial sector interventions was £1304.6 billion, equivalent to 77.3% of GDP. For the financial year of 2013–2014 public sector net borrowing was £93.7 billion. This