The UK has fallen into recession in a blow to Rishi Sunak and the economy.
The Office for National Statistics announced that the UK economy contracted for the second quarter in a row in the final three months of 2023.
A technical recession is defined by two or more quarters in a row of falling gross domestic product, also known as GDP.
The figures confirm a 0.3 per cent decline in GDP between October and December 2023.
This is a blow to the prime minister, who promised to grow the economy as one of his five priorities.
The London School of Economics says Brexit is costing the UK the equivalent of 3 per cent to 5 per cent of GDP per year.
But Rishi Sunak said ‘economic conditions are improving’ when pressed on the Government’s portrayal of the state of the public finances.
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The Office for National Statistics announced that the UK economy contracted for the second quarter in a row in the final three months of 2023.
A technical recession is defined by two or more quarters in a row of falling gross domestic product, also known as GDP.
The figures confirm a 0.3 per cent decline in GDP between October and December 2023.
This is a blow to the prime minister, who promised to grow the economy as one of his five priorities.
The London School of Economics says Brexit is costing the UK the equivalent of 3 per cent to 5 per cent of GDP per year.
But Rishi Sunak said ‘economic conditions are improving’ when pressed on the Government’s portrayal of the state of the public finances.
Watch more on Independent TV: https://www.independent.co.uk/tv/editors-picks
Click here to subscribe to The Independent: https://bit.ly/Subscribe-to-Independent
About The Independent:
Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded.
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