The UK Economy Has Officially Entered Recession, Figures Show

The UK economy has officially entered recession.

Official figures from the Office for National Statistics (ONS) showed that Britain’s economy slipped into a recession at the end of 2023 after GDP output contracted by more than expected in the final three months.

GDP shrank by 0.3% in the last quarter of the year following a fall of 0.1% in the previous three-month period with the Sterling also weakening against the Dollar.

Chancellor Jeremy Hunt said low economic growth is “not a surprise”, but added that the UK must “stick to the plan – cutting taxes on work and business to build a stronger economy” despite tough times for many families.

Prime Minister Rishi Sunak who promised to boost growth, is facing a challenge to rebuild the Conservative’s reputation for economic competence.

Labour is now more trusted with the economy, according to opinion polls.