GDP fell 0.3 percent in the last three months of 2023, ONS figures released this morning now show
It’s the second shrinkage in a row having fallen 0.1 percent the previous quarter), meaning the U.K. has officially tipped into recession
Weaker than expected growth meant that the economy contracted by 0.5 per cent in the second half of 2023, while the economy grew by 0.1 per cent over the whole of 2023.
The last time that the U.K. ecinomy fell into recession was during the Covid lockdown
“The underlying picture here, is an economy that is more resilient than most people predicted,” says Chancellor Jeremy Hunt
Kier Starmer said on X
Rishi Sunak has failed to turn the corner on 14 years of Tory economic decline.
Britain is hit by a recession and it’s working people who will pay the price.
Lib Dem leader Ed Davy said
“This is Rishi’s recession.And it’s hardworking Brits picking up the tab through high food prices, tax hikes and skyrocketing mortgage bills.”
James Smith, Research Director at the Resolution Foundation, said:
“Britain has fallen into recession, and a far deeper living standards downturn. Even this weak data is flattered by a rising population. After accounting for population growth, the UK economy hasn’t grown since early 2022, and fallen far behind its pre-cost of living crisis path, with an equivalent loss of around £1,500 per person.
“The big picture is that Britain remains a stagnation nation, and that there are precious few signs of a recovery that will get the economy out of it.”
