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Annual UK inflation came in at 3.2% last month, a sharp slowdown from a rate above 10% about a year ago. The central bank targets a rate of 2% and expects to more or less reach it in the next few ...
A recession is officially defined as two straight quarters of economic decline. It is the first time the British economy has fallen into recession since the first half of 2020, when output dived ...
With the economy at risk of contracting in the next quarter, it leaves the UK at close risk of two consecutive periods of negative growth – a scenario that meets the definition of a recession.
This is a list of recessions (and depressions) that have affected the economy of the United Kingdom and its predecessor states. In the United Kingdom a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter-on-quarter figures for real GDP. Name Dates Duration Real GDP reduction Causes Other data Great Slump c. 1430 ...
The UK officially enters the recession as GDP fell by 1.5% in the last quarter of 2008 following a 0.6% drop in the third quarter, [66] with unemployment growing by 131,000 to 1.92 million (6.1%) in the three months leading to November 2008. [67] The British economy only grew 0.7% in 2008, the weakest growth since 1992. [68]
The UK economy is in a “horrible fiscal bind” as it heads for recession with no room to cut taxes or increase public spending to offer a boost, an influential group of economists has said.
The UK was reported to be among the worst affected among the world's advanced economies. In 2021, the UK's inflation was less than that of the US, but high US inflation was not generally experienced as a cost-of-living crisis due to the stimulus cheques that had been distributed to American households. [8]
The ONS estimated that gross domestic product fell by 0.3% in the fourth quarter, following a decline of 0.1% in the previous three months.