The U.K. economy contracted in the second quarter as households facing soaring inflation cut back on spending, presaging tough times ahead for an economy that is expected to enter a lengthy recession
Now that Boris Johnson has bid “hasta la vista, baby,” the two Conservative Party contenders to replace him as U.K. prime minister – Liz Truss and Rishi Sunak – are clashing on issues such as taxes, rising inflation and climate change, offering up different solutions to problems affecting countries around the world. Photo composite: Daniel Ortonfacing soaring inflation
cut back on spending and programs to contain the spread of Covid-19 were wound down, presaging tough times ahead for an economy that is expected to enter a lengthy recession. Britain’s statistics agency said Friday that gross domestic product—a broad measure of the goods and services produced in an economy—fell 0.1% in the three months through June. Economists expected a 0.2% decrease in output, following a 0.8% rise in the first quarter.
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