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Local News

UK economy on the road to recession, new ONS figures reveal | Business News

today22/12/2023

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The UK economy has performed worse than previously thought and below the expectations of economists, new official figures show, meaning the country has taken the first step towards recession.

There’s been a downward revision to GDP, a key measure of economic growth, the Office for National Statistics (ONS) said on Friday morning.

Rather than remaining stagnant, as first thought, the economy contracted 0.1% in the three months from July to September.

Economists had been expecting growth of 0.2%.

A country is technically in recession after two three-month periods of a shrinking economy.

If the final data for the fourth quarter of 2023, from October to December – which will be released next year – shows a contraction, the country will officially be in recession.

Responding to the figures Chancellor Jeremy Hunt said, “The medium-term outlook for the UK economy is far more optimistic than these numbers suggest.”

We’ve seen inflation fall again this week, and the OBR [Office for Budget Responsibility] expects the measures in the Autumn Statement, including the largest business tax cut in modern British history and tax cuts for 29 million working people, will deliver the largest boost to potential growth on record.”

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Written by: lwrradio

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