Economy
The recession is expected to be moderate and short-lived, resulting in few changes in the lives of consumers. However, this is not good news for Rishi Sunak, who has made economic growth a cornerstone of his Conservative programme.
Rishi Sunak
Henry Nicholls
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 stagnation may also prompt rate-setting officials at the Bank of England to cut interest rates sooner 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“.
