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Figures launched in February by the Workplace for Nationwide Statistics (ONS) revealed the UK fell right into a recession within the second half of 2023.
GDP fell by 0.3% within the final three months of 2023 – which was a sharper fall than economists had been anticipating.
This gave us two consecutive falls in GDP after a lower of 0.1% within the three months earlier than – between July and September 2023.
In consequence the UK entered what’s outlined as “a technical recession”.
Trade group the Trades Union Congress (TUC) mentioned February’s information steered the UK was in “dire straits”, whereas the anti-poverty charity the Joseph Rowntree Basis raised issues for these already scuffling with payments and meals costs.
On the time, Chancellor Jeremy Hunt mentioned: “The large image is that, really, since then the financial system has been extra resilient, unemployment has stayed low, actual wages have been rising now for six months.
“And if we keep on with our weapons now, we are able to see gentle on the finish of the tunnel.”
