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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.
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.
The UK economy is on track to shrink by 1.3% in 2023 amid a recession which is set to last until the end of next year, according to a new economic forecast.
Opinion polls show that his Conservative Party is heavily trailing the main opposition Labour Party. Treasury chief Jeremy Hunt blamed high inflation for the weakness of the economy. “Low growth ...
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 ...
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Just a few months later Lawson had to double interest rates and the UK was running its largest ever balance-of-payments deficit. [ 1 ] Critics of Lawson assert that a combination of the abandonment of monetarism , the adoption of a de facto exchange-rate target of 2.95 deutschmarks to the pound, and excessive fiscal laxity (in particular the ...
The UK government announced a £750 million package of support for charities across the UK. £370 million of the money was set aside to support small, local charities working with vulnerable people, and was allocated to England, Scotland, Wales and Northern Ireland in the following breakdown £310 million for England; £30 million for Scotland