Yes but why is UK worse hit than other G7 economies?
Its because we have a low skills, low wage economy. Leading to lower productivity. The roots can be traced back to nu Labour when tax credits were introduced. It was effectively a subsidy for employers so they could get away with paying low wages. If employers were not subsidized by low wages, they would be compelled to invest in automation.
Automation would increased productivity. This country has the worst of both worlds. Low wages and paying people to do jobs that machines should be doing. Instead of having high skilled people producing and maintaining those machines
Higher productivity would have meant that our economy would have been more resilient to these shocks. So we had years of poor decisions leading to low productivity, exacerbated by a total shutdown of productivity with pointless lockdowns and then finally unprecedented money printing. Perfect recipe for inflation and worse….stagflation.