Britain’s economy shrank by 0.2% in the three months to September, in what is expected to be the beginning of a long recession.
Larry Elliott www.theguardian.com
In its first estimate of growth in the third quarter, the Office for National Statistics presented a bleak picture of the economy before next week’s autumn statement from the chancellor, Jeremy Hunt.
The Bank of England expects the latest gross domestic product figures to be the start of a prolonged UK recession – as rising interest rates and the cost of living take their toll on activity – lasting until the end of next year. Another negative growth figure for the final three months of 2022 would confirm a technical recession.
The ONS said the performance of the economy in the three months to September had been affected by the extra bank holiday for the funeral of Queen Elizabeth II, which led to weaker activity.