The British financial system has entered a recession after two consecutive quarters of unfavourable financial progress within the second half of final yr, official information confirmed on Thursday.
Gross home product shrank 0.3 p.c within the fourth quarter of 2023, after shrinking 0.1 p.c within the earlier three months, the Workplace for Nationwide Statistics mentioned in an announcement, assembly the technical definition of a recession.
In keeping with the BBC, the UK is taken into account to be in recession when GDP falls for 2 consecutive three-month durations – or quarters.
The figures will probably be a blow to Prime Minister Rishi Sunak. Rising the financial system was one in every of 5 guarantees he made in January 2023.
In 2020, the British financial system fell into recession, shrinking by a report 20.4 p.c within the second quarter whereas the nation was in lockdown because of the coronavirus pandemic, official information confirmed.
“It’s clear that Britain is within the worst recession on report,” the Workplace for Nationwide Statistics mentioned on the time.
In the meantime, the UK financial system shrank unexpectedly within the third quarter in December 2023, official information confirmed, elevating fears of a potential recession earlier than the election subsequent yr (2024).
Gross home product shrank 0.1 p.c between July and September, in contrast with a earlier estimate of zero progress, the Workplace for Nationwide Statistics mentioned in an announcement.
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