Brief by Shorts91 Newsdesk / 08:54am on 15 Feb 2024,Thursday International
The UK economy slipped into recession at the end of last year, with a 0.3% GDP decline in the three months to December. The Office for National Statistics attributes this downturn to decreased spending by households grappling with soaring interest rates and rising living costs. This marks the second consecutive quarter of falling national output, posing a challenge for the government, particularly with an election on the horizon. While recent consumer confidence upticks suggest a potential rebound, analysts warn of persistent stagnation due to ongoing economic headwinds. Chancellor Jeremy Hunt emphasizes the importance of combating high inflation to stimulate growth.
