Britain on brink of recession as GDP shrinks by 0.2% in third quarter ➡️ The most recent figures from the ONS show that the economy contracted during the third quarter of this year
The economy shrunk by 0.25 per cent in the third quarter raising the risk of the longest recession in history, according to official figures released this morning.according to the Office for National Statistics The additional bank holiday for the Queen’s state funeral helped drive a fall in consumer-facing industries, with some businesses closing for the day.
“The quarterly fall was driven by manufacturing, which saw widespread declines across most industries. Last week, the Bank of England warned the country faced the longest recession in a century as it pushed through the largest interest rate hike in more than 30 years. Mr Hunt said: “We are not immune from the global challenge of high inflation and slow growth largely driven by Putin’s illegal war in Ukraine and his weaponisation of gas supplies.
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