The UK is entering a recession after a sharper-than-expected decline in GDP

The UK is entering a recession after a sharper-than-expected decline in GDP

The figures indicate that the United Kingdom has officially entered a recession. According to the Office for National Statistics (ONS), GDP, important for economic growth, fell by 0.3% between October and December last year.

This decline is more pronounced than expected, which, according to economists, will be only 0.1%. It also occurs after a Negative economic growth Between July and September.

Although previous recessions have been long-lasting, such as during the global financial crisis in 2008 and 2009, this recession is expected to continue. It should be moderate and short-lived. This recession could also prompt interest rate-setters at the Bank of England to cut interest rates early and reduce the value of loans.

Hey Consumer purchasing power decreased Due to the high cost of living, high inflation and high energy prices.

Rishi SunakThe UK Prime Minister is also not taking advantage of this news, as the Conservatives have made economic growth one of their five key promises.

Keir StarmanOpposition leader claims British government has failed“At a turning point after 14 years of economic decline.”,promising,on,X,'Giving the future back to the British“.

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About the Author: Camelia Kirk

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