Brief by Shorts91 Newsdesk / 03:54pm on 15 Feb 2024,Thursday International
The UK economy slipped into a mild recession, contracting by 0.3% in Q4 2023, posing a setback for Prime Minister Rishi Sunak's economic promises. Office for National Statistics data revealed a larger-than-expected decline, marking two consecutive quarters of contraction. Despite a 0.1% growth for the entire year, it's the slowest annual expansion since 2009, excluding the pandemic's first year. Bond yields fell as money markets priced in potential interest rate cuts. This development intensifies pressure on Sunak, facing by-election challenges and raising questions about his ability to fulfill key economic pledges.
