UK Economic Contraction Heralds Start of Protracted Recession
- GDP shrinks 0.2% on living cost squeeze and extra bank holiday
- Bank of England sees recession persisting into middle of 2024
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The UK economy shrank in the third quarter for the first time since the final lockdown of the pandemic as the cost of living crisis squeezed spending and the extra bank holiday for the Queen’s funeral shut businesses.
Gross domestic product fell 0.2%, marking the start of what is expected to be a protracted recession.