Revised figures from the Office for National Statistics reveal that the UK’s GDP contracted by 0.1% from July to September, challenging previous estimates of flat performance. If data for October to December 2023 confirms contraction, the country will officially be in recession. October’s estimate already showed a 0.3% shrink.
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UK Recession
Additionally, zero growth was reported between April and June, contrary to the initially thought 0.2% increase. Labour’s Rachel Reeves criticizes Prime Minister Rishi Sunak, accusing him of failing to fulfill his promise to grow the economy. The ONS attributes the downgrade to reduced spending indicated by monthly surveys and VAT returns. But the government says the economy is doing better than in January this year.
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