Andrew
Britain’s economy shrank in the three months to September at the start of what is likely to be a lengthy recession, underscoring the challenge for finance minister Jeremy Hunt as he prepares to raise taxes and cut spending next week.
Economic output shrank by 0,2 percent in the third quarter, less than the 0,5 percent contraction analysts had forecast in a Reuters poll, Friday’s official data showed.
But it was the first fall in gross domestic product since the start of 2021, when Britain was still under tight coronavirus restrictions, as households and businesses struggle with a severe cost-of-living crisis. – Reuters
Online Reporter