Search results
Results from the WOW.Com Content Network
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.
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.
The United Kingdom has slipped into recession just months ahead of a general election, official figures showed Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth.
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 ...
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 ...
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 ...
On 3 November the Bank of England raised the base rate of interest by 0.75% to 3%, the largest single interest rate rise since 1989, and warned of a recession lasting at least two years. [7] On 11 November, figures released by the Office for National Statistics showed the UK economy had shrunk by 0.2% between July and September 2022. [8]
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.