Official figures have confirmed that the UK economy entered recession at the end of last year, after the latest estimates showed it contracted in the last two quarters of 2023.
In a blow to the government’s economic situation, the Office for National Statistics (ONS) announced that the economy, as measured by gross domestic product (GDP), shrank by 0.3% in the last three months of the year, unchanged from previous estimates. did.
The third quarter of 2023 also saw negative growth of 0.1%, confirming a technical recession and marking the second consecutive quarter of negative growth.
As Rishi Sunak prepares for a general election, he urges Tory MPs to believe the economy is improving after a business survey showed private sector activity had picked up in the first months of this year. I have tried to reassure her that things are going well.
Some past recessions have been revised or downgraded to be less severe than originally thought. The ‘double-dip’ recession first recorded by the ONS in 2011 during George Osborne’s tenure as chancellor ultimately turned out not to have happened.
More details coming soon…
