GDP fell 0.3% in three months to December after collapse in retail sales in run-up to Christmas
Business live – latest updates
The UK economy fell into recession at the end of last year as hard-pressed households cut back on spending amid the cost of living crisis, in a heavy blow to Rishi Sunak’s promise to kickstart growth.
The Office for National Statistics said gross domestic product (GDP) fell by a larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and collapse in retail sales in the run-up to Christmas.
Continue reading…GDP fell 0.3% in three months to December after collapse in retail sales in run-up to ChristmasBusiness live – latest updatesThe UK economy fell into recession at the end of last year as hard-pressed households cut back on spending amid the cost of living crisis, in a heavy blow to Rishi Sunak’s promise to kickstart growth.The Office for National Statistics said gross domestic product (GDP) fell by a larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and collapse in retail sales in the run-up to Christmas. Continue reading…