UK recession

uk recession: Data confirms UK economy went into recession last year

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Official figures confirmed Britain’s economy entered a shallow recession last year, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year. Gross domestic product shrank by 0.1% in the third quarter and by 0.3% in the fourth quarter, unchanged from … Read more

Bank of England says UK recession is modest in historical terms and that upturn is probably underway

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London: Bank of England Gov. Andrew Bailey said Tuesday that the UK’s economic recession that was confirmed last week is modest by historical standards and is probably over. In testimony to lawmakers, Bailey said the two successive quarters of negative growth recorded in the second half of 2023 – the standard by which the UK … Read more