Britain’s economy slipped into a recession at the end of 2023 after output contracted by more than expected in the final three months, according to official figures.
The Office for National Statistics (ONS) estimated that gross domestic product (GDP) fell by 0.3% in the fourth quarter, following a decline of 0.1% in the previous three months.
It means that the economy entered a technical recession, as defined by two or more quarters in a row of falling GDP.
It marks the first time the UK has entered recession since the first half of 2020, when the initial Covid-19 lockdown sent the economy plunging into reverse.
The figures deal a blow to Prime Minister Rishi Sunak, who has promised to grow the economy as one of his five priorities.
Chancellor Jeremy Hunt said inflation and high interest rates were behind the output fall, but insisted the economy was “turning a corner”.
Jeremy Kyle and Rosie Wright are joined by former No.10 director of comms Jonathan Haslam and former Head of the Government's Economic Service Vicky Pryce to discuss.
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The Office for National Statistics (ONS) estimated that gross domestic product (GDP) fell by 0.3% in the fourth quarter, following a decline of 0.1% in the previous three months.
It means that the economy entered a technical recession, as defined by two or more quarters in a row of falling GDP.
It marks the first time the UK has entered recession since the first half of 2020, when the initial Covid-19 lockdown sent the economy plunging into reverse.
The figures deal a blow to Prime Minister Rishi Sunak, who has promised to grow the economy as one of his five priorities.
Chancellor Jeremy Hunt said inflation and high interest rates were behind the output fall, but insisted the economy was “turning a corner”.
Jeremy Kyle and Rosie Wright are joined by former No.10 director of comms Jonathan Haslam and former Head of the Government's Economic Service Vicky Pryce to discuss.
Click here for more from TalkTV https://talk.tv
If you need any help visit: https://talk.tv/helplines
