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Britain’s economy slipped into a recession at the end of 2023 after output contracted by more than expected in the final three months, according to official figures.
According to projections published Thursday, the Bank of England now expects UK GDP to grow 0.5% this year, double the pace it forecast in February. By comparison, last year, GDP increased by a ...
The news will come as a disappointment to Sunak, whose ruling Conservative Party is contesting two local elections in England on Thursday. ... That’s still double the Bank of England’s 2% ...
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.
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 ...
Experts warn slump in economy could soon overtake cost of living as main worry for UK
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.
Bank bosses predicted a 0.1% fall in GDP for the current quarter, meaning the economy is in a technical recession. UK ‘in recession’ as Bank of England hikes interest rates to highest since ...