UK economy shrinks between August and Octoberon December 12, 2022 at 7:41 am

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The economy contracted by 0.3% over the three month period despite a rebound in October.

Woman looking in shop windowImage source, Getty Images

The UK economy shrank between August and October as the country heads into an expected recession.

The economy contracted by 0.3% during the three months as soaring prices hit businesses and households.

A country is in recession when its economy shrinks for two three-month periods in a row,

Over the three months, economic activity in the UK slowed across all the main sectors including production, construction and services.

The UK is widely expected to be in recession by the end of this year. The Bank of England recently said the UK is facing its longest recession since records began.

There was a brief respite in October alone when the economy grew by 0.5% compared to September when it fell because of an additional bank holiday for Queen Elizabeth’s state funeral. It meant that some businesses had closed or had shorter opening hours.

But Chancellor Jeremy Hunt said: “While today’s figures show some growth, I want to be honest that there is a tough road ahead. Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin’s war and high global gas prices.”

Labour’s shadow chancellor Rachel Reeves said the figures “underline the failure of this Tory government to grow our economy, leaving us lagging behind on the global stage”.

- Advertisement -




Dallas air show crash: Two World War Two planes collide in mid-airon November 13, 2022 at 1:58 pm

Footage shows the two planes colliding at a commemorative air show near Dallas, killing six people.This video can not be playedTo play this video...

Train strikes: Are services running again and will their be more action?on November 8, 2022 at 5:00 pm

National rail strikes have been cancelled but there has still been disruption.National rail strikes have been cancelled but there has still been disruption.

Justin Timberlake and Tiger Woods hope to open St Andrews sports baron October 10, 2023 at 1:53 pm

The stars hope to turn a historic cinema in St Andrews into a luxury gastro pub with a golf simulator.The stars hope to turn...

Will Russia’s attack on Ukraine help thaw US-Venezuela relations?on March 13, 2022 at 12:23 am

The ban on Russian oil exports is causing prices to surge, and leaders are revisiting some awkward friendships.

Dungannon: Pair charged over death of 2-year-old girlon August 10, 2021 at 3:04 am

Ali Maguire died in hospital on Friday after an ambulance was called to a house in Dungannon.